Malaysia will introduce a slew of new taxes, cut subsidies for a widely used fuel, and raise the minimum wage from next year, Prime Minister Anwar Ibrahim said on Friday as he announced a record budget spending plan of 421 billion ringgit ($98 billion).

The budget aims to grow Malaysia’s appeal as a destination for hi-tech investments while also uplifting the country’s most vulnerable groups.

Malaysia will introduce new taxes and revamp gasoline and education subsidies next year as part of aggressive reforms to narrow the country's fiscal deficit

Malaysia announced on Friday record budget spending of 421 billion ringgit ($98 billion) for 2025, with the government boosting salaries and retirement funds for civil servants as it pursues further subsidy and tax reforms to bolster revenue.