Save ringgit or save Reformasi? PM Anwar could attempt both

Budget 2025 will set the stage for how he intends to boost the economy and improve people's lives.

- Shannon Teoh

Prime Minister Anwar Ibrahim's footing has never been more secure as he prepares to table Malaysia's Budget 2025 on Oct 18 after an initial 18 months of endless doubt over whether his government of former foes would last.

Since coming to power in November 2022 after Malaysia's first ever hung Parliament, Datuk Seri Anwar has had to perform the most delicate of juggling acts - shoring up ebbing support from the crucial Malay majority, fending off moves by a nationalist Islamic opposition attempting to make further inroads, while working to keep his hodgepodge ruling alliance together as critics mocked the lack of reforms that he had promised during two decades in the opposition.

Yes, he's dropped the ball on several occasions - not least, starting life in the highest office by appointing a deputy charged with 47 counts of graft and continuing to deny opposition lawmakers equal constituency funds, a reform once championed by his Pakatan Harapan (PH) coalition.

But nearly two years on, the tide appears to be turning. The ringgit is the world's best-performing currency, economic growth is surpassing expectations - albeit after a tepid 2023 - and there are a couple of recent by-election wins to celebrate.

Mr Anwar, who is also finance minister, therefore has the breathing space and political capital to implement unpopular but necessary fiscal reforms. Or as he puts it, to "take the bull by the horns" instead of "playing to the gallery of populist demand".

In a deft move showcasing what Malaysians can further expect from his government, he removed blanket diesel subsidies in May, replacing these with targeted assistance for lower-income Malaysians and transportation firms.