Malaysia Ready to Withstand Economic Shocks from Middle East Conflict: Tengku Zafrul

KUALA LUMPUR: The Malaysian government is prepared to face any potential economic challenges arising from the ongoing conflict in the Middle East, including possible impacts on fuel subsidies and global oil price volatility.

Senior Political Adviser to the Prime Minister, Tengku Zafrul Abdul Aziz, said fluctuations in global oil prices are not uncommon, noting that crude oil prices had previously surged to around US$100 per barrel. Despite the uncertainty, he assured me that both the Finance Ministry and the Economy Ministry have already put measures in place to manage different possible scenarios.

Speaking to Bernama on Sunday, Zafrul said geopolitical tensions in West Asia often have ripple effects across the global economy, including in Malaysia. However, he emphasized that the government is closely monitoring the situation.

“We are following developments every hour and every minute. At the same time, the government must ensure that ongoing programs continue smoothly as the country’s economic fundamentals remain strong,” he said.

He highlighted that sustaining economic growth and ensuring its benefits reach ordinary citizens remain key priorities. According to him, this will be achieved through increased investments and strong Gross Domestic Product (GDP) performance.

Zafrul added that maintaining stable regional relations is also crucial. As a neutral nation that practices an open economic policy, Malaysia must preserve its diplomatic and economic ties with countries around the world, including those in the Middle East.

Meanwhile, Zafrul expressed gratitude to Prime Minister Anwar Ibrahim for appointing him as senior political adviser, a role that took effect last Thursday. He said the position allows him to contribute by providing political insights and advice on issues affecting the government, particularly those related to the economy and public welfare.

“My focus now is to assist the government from a political perspective, especially on matters that concern the people and the nation’s economic stability,” he said.

Earlier in the day, Zafrul attended the “Raikan Kasih Ramadan” program organized by Yayasan TZA at Jakel Mall in Kuala Lumpur, where he spent time with 155 orphans and asnaf. During the event, he helped them purchase Hari Raya clothing and distributed duit raya as well as contributions to welfare homes Rumah Kasih Nurul Hashanah and Pertubuhan Kebajikan Anak-Anak Yatim & Asnaf Qaseh Ibu.

The program reflected ongoing community support initiatives during the holy month of Ramadan while highlighting the government’s commitment to social welfare alongside economic stability.