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).

Malaysia on Friday unveiled a record budget spending for 2025, focusing on economic restructuring to improve its revenues through subsidy rationalisation and fiscal reforms.

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 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.