World Bank welcomes Malaysia's move to study targeted fuel, cooking oil subsidy mechanisms

The World Bank reckons that subsidies should be targeted and hence welcomes the Malaysian government's move to review the fuel and cooking oil assistance mechanisms.

世界银行认为补贴应该是有针对性的，因此欢迎马来西亚政府审查燃料和食用油援助机制的举动。

Senior country economist Shakira Teh Sharifuddin said at present, fuel subsidies benefit households in the high-income segment more than those in the low-income group.

高级国家经济学家Shakira Teh Sharifuddin表示，目前，燃料补贴对高收入群体家庭的好处大于低收入群体的家庭。

A study by Bank Negara Malaysia (BNM) previously estimated that 40% of fuel subsidies went to the high-income households and only 4% went into the pockets of the low-income segment.

马来西亚国家银行（BNM）此前的一项研究估计，40%的燃料补贴流向了高收入家庭，只有4%进入了低收入阶层的口袋。

‘’So, broadly, our view is that subsidies should be targeted to those who are more in need. The government is thinking about moving towards a more targeted system rather than a blanket subsidy system and this is very much welcome,’’ she told reporters after launching the World Bank East Asia and Pacific Economic Update - April 2022 report today.

“因此，从广义上讲，我们的观点是，补贴应该针对那些更需要帮助的人。政府正在考虑转向更具针对性的制度，而不是一揽子补贴制度，这是非常受欢迎的，“她在今天发布世界银行东亚和太平洋经济更新 - 2022年4月报告后告诉记者。

Shakira said about 40% of government subsidy spending is channeled towards fuel and cooking oil subsidies.

Shakira说，大约40%的政府补贴支出用于燃料和食用油补贴。

Although the Russia-Ukraine war had a positive spillover effect on Malaysia in terms of government revenue, it would still have a negative impact on food prices, she said.

她说，尽管俄乌战争在政府收入方面对马来西亚产生了积极的溢出效应，但它仍然会对食品价格产生负面影响。

‘’We have already seen some impact on food prices. In terms of financial exposure, it is small at the current juncture. It will create uncertainty and volatility in the financial market, of course, depending on how the situation evolves,’’ she noted.

“我们已经看到对食品价格的一些影响。就财务风险而言，目前规模较小。当然，这将在金融市场上造成不确定性和波动性，这取决于情况如何演变，“她指出。

Shakira said rising inflation would increase the vulnerability of the low-income group because they spend a bigger portion of their income on food and utilities.

Shakira表示，不断上升的通货膨胀将增加低收入群体的脆弱性，因为他们将收入的更大一部分用于食品和公用事业。

A World Bank High-Frequency phone survey found that even after receiving government assistance, more than 60% of lower income households with a monthly income of RM4,000 or below had inadequate financial resources to cover their basic needs in late 2021.

世界银行高频电话调查发现，即使在获得政府援助后，超过60%的月收入在4,000令吉或以下的低收入家庭没有足够的财政资源来满足他们在2021年底的基本需求。

Meanwhile, one-quarter of households reported having savings that would last only for three months or less, while 16% did not have savings at all.

与此同时，四分之一的家庭报告说，他们的储蓄只能持续三个月或更短的时间，而16%的家庭根本没有储蓄。

According to its April 2022 Update, the current shocks are likely to magnify existing post-COVID difficulties.

根据其2022年4月更新，当前的冲击可能会放大COVID后现有的困难。

About eight million households fell back into poverty during the pandemic, while regional firms continued to struggle, with more than 50% reporting payment arrears in 2021.

在大流行期间，约有800万家庭重新陷入贫困，而地区公司仍在苦苦挣扎，超过50%的家庭报告在2021年拖欠了付款。

The report said that indebted governments, which saw their debt as a share of gross domestic product (GDP) increase by 10 percentage points since 2019, will struggle to provide economic support.

该报告称，自2019年以来，负债累累的政府将其债务占国内生产总值（GDP）的比例增加了10个百分点，将难以提供经济支持。

‘’Financial tightening and increased inflation, at least one percentage point above previous expectations due to the oil price shock alone, will shrink room for monetary easing.

“仅由于油价冲击，金融紧缩和通胀上升至少比此前的预期高出一个百分点，将缩小货币宽松的空间。

‘’And overexposed banks, with credit as a share of GDP about 10% higher than before the pandemic, will have to cope with new financial stresses and increased risks to loans,’’ said the report.

报告称：“过度曝光的银行，信贷占GDP的比重比大流行前高出约10%，将不得不应对新的金融压力和增加的贷款风险。

In Malaysia, fiscal space too is expected to remain constrained, limiting the room for fiscal policy to play a bigger redistributive role.

在马来西亚，预计财政空间仍将受到限制，限制了财政政策发挥更大再分配作用的空间。

‘’Gaps in the social protection system remain/persist, leaving out several vulnerable groups such as youth and informal workers.

 “社会保护体系中的差距依然存在/持续存在，遗漏了青年和非正规工人等几个弱势群体。

‘’In addition, the triple shocks of COVID-19, food inflation, and floods may deplete poor and vulnerable Malaysians’ resilience toward future shocks and, in turn, widen socioeconomic inequalities among Malaysians,’’ the World Bank said.

世界银行表示：“此外，COVID-19、食品通胀和洪水的三重冲击可能会耗尽贫穷和脆弱的马来西亚人对未来冲击的抵御能力，进而扩大马来西亚人之间的社会经济不平等。

In recognising this, the government’s top priorities are to ensure effective fiscal policies and develop inclusive social protection as stated in the 12th Malaysia Plan (2021-2025) and the Budget 2022, it added.

它补充说，认识到这一点，政府的首要任务是确保有效的财政政策，并按照第12个马来西亚计划（2021-2025年）和2022年预算案的规定，发展包容性的社会保护。