Kuala Lumpur — Prime Minister Datuk Seri Anwar Ibrahim has reaffirmed that the government will continue taking proactive measures to address growing global economic uncertainties, particularly due to surging oil prices and supply disruptions caused by conflicts in West Asia.
In his Labour Day address at the National Level Workers’ Day Celebration 2026 held at Unifi Arena, Bukit Jalil today, Anwar, who is also Finance Minister, noted that the global economic situation has become more challenging compared to three months ago.
He cited the sharp rise in crude oil prices from US$70 per barrel at the end of February to US$115 per barrel currently.
“This surge is too high and is affecting the whole world. There are shortages of materials such as phosphate, rising diesel prices, and it impacts workers in plantations, factories, and lorry drivers,” he said.
Anwar explained that Malaysia continues to maintain the RON95 petrol subsidy at RM1.99 per litre under the BUDI MADANI RON95 (BUDI95) initiative, even as many other oil-producing countries have increased prices. He urged workers to understand this decision, which aims to protect lower-income groups despite pressure from economists and corporate sectors to be more “realistic”.
“The government safeguards the national economy and the people, but I also consider the plight of workers, especially those at the lower level,” he stressed.
Among the support measures announced:
- An additional RM5 billion guarantee under the Syarikat Jaminan Pembiayaan Perniagaan (SJPP) to assist micro, small and medium enterprises (MSMEs) affected by the global supply crisis.
- RM5 billion through Bank Negara Malaysia’s (BNM) SME Stability Assistance Facility, bringing the total to RM10 billion.
“This is crucial because MSME companies employ a large number of workers and serve as a key driver of the country’s economic growth,” Anwar added.
Also present at the event were Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Human Resources Minister Datuk Seri R. Ramanan, Communications Minister Datuk Fahmi Fadzil, and Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar.
This year’s Labour Day celebration underscores the MADANI government’s commitment to protecting workers’ welfare amid global challenges.
