The head of the International Monetary Fund (IMF) urged the government to subsidize food and energy for the poorest households.
In an interview with the BBC, IMF Managing Director Kristalina Georgieva said support should be given in a targeted way, preferably by providing direct subsidies to the public given growing concerns of a global recession.
He added that although many governments have provided assistance through various schemes but it may not be enough.
Gorgieva believes there are two priorities when it comes to the cost of living crisis, first, the very poor, a part of society that is currently struggling with rising food and energy prices.
While the second is to support businesses that have been severely affected by the war in Ukraine.
He added that the role of the IMF is to work with governments to stabilize the global economy and increase prosperity. Still, it proved challenging following the sharp spike in food and energy prices this year.
For example, rising food prices in Malaysia are increasingly being felt by consumers and it is expected to continue to rise in the coming months due to rising global commodity prices, supply chain disruptions and the depreciation of the ringgit.
