Malaysia allocates $1.7 billion in cash aid for low-income households

KUALA LUMPUR (Reuters) – Malaysia has allocated 7.8 billion ringgit ($1.68 billion) in cash aid for low-income households and individuals, Finance Minister Tengku Zafrul Abdul Aziz said on Friday in his budget speech.

The government has also allocated 2.5 billion ringgit in welfare aid in its 2023 budget, he said.

Malaysia unveiled a smaller budget for 2023, prioritising fiscal discipline over expected populist measures, as it warned of a slowdown in the economy from rising global risks.

($1 = 4.6500 ringgit)

(Reporting by Kuala Lumpur newsroom; Editing by Kanupriya Kapoor)