Nor Yakcop: Opposition states will be funded
Malaysian Insider (22/5/08): Malaysian Second Finance Minister Tan Sri Nor Mohamed Yakcop said the Barisan Nasional-led Federal Government will not choke development in Opposition-held states.
He said over the years, the federal government had already been having pragmatic relations with Opposition-held states and it would continue the close cooperation for the sake of national development.
He said development in the PAS, DAP and Parti Keadilan Rakyat-led states would gain greater momentum as the federal government had put in place various development measures in the last five years.
Speaking at a media conference after giving a talk on the Malaysian economy at an international conference in Singapore, Nor Mohamed said the government had put the last general election behind it and was now moving forward to bring fair development to the whole country.
He said Datuk Seri Abdullah Ahmad Badawi had said that "he is the prime minister for all" and sincerely planned to distribute equitable wealth to the people and development to the states depending on affordability.
He said the economic and political challenges that the country was currently facing was a pale comparison to the crises that it had went through such as the 1969 racial riots and the financial crisis in 1997.
Nonetheless, he said the present challenges were real but the government has the ability to face it straight on.
Nor Mohamed said Malaysia was very lucky because as a commodity exporting country it had benefited from the current increase in the prices but income earned from palm oil and petroleum would not last long. It is projected that by 2014, Petronas would be net importer of oil.
He said the government would need to utilise its revenue judiciously and strategically especially for long term investments.
He pointed to the various kinds of subsidies the government was providing that had reached the RM$50 billion mark with the bulk of it or RM$45 billion for oil and gas subsidy and this had stretched government spending.
Nor Mohamed said a new scheme on oil subsidy, which the government was currently drafting to reduce its financial burden including the pump price of petroleum for vehicles, would be ready in a couple of months.
He explained government needed time to study the scheme as it had to distinguish which groups - the lower, middle or high income brackets - were to benefit most from the new subsidy structure.
Nor Mohamed also said inflation was not a major issue in Malaysia adding that it would hover around three per cent as forecast. — Bernama
He said over the years, the federal government had already been having pragmatic relations with Opposition-held states and it would continue the close cooperation for the sake of national development.
He said development in the PAS, DAP and Parti Keadilan Rakyat-led states would gain greater momentum as the federal government had put in place various development measures in the last five years.
Speaking at a media conference after giving a talk on the Malaysian economy at an international conference in Singapore, Nor Mohamed said the government had put the last general election behind it and was now moving forward to bring fair development to the whole country.
He said Datuk Seri Abdullah Ahmad Badawi had said that "he is the prime minister for all" and sincerely planned to distribute equitable wealth to the people and development to the states depending on affordability.
He said the economic and political challenges that the country was currently facing was a pale comparison to the crises that it had went through such as the 1969 racial riots and the financial crisis in 1997.
Nonetheless, he said the present challenges were real but the government has the ability to face it straight on.
Nor Mohamed said Malaysia was very lucky because as a commodity exporting country it had benefited from the current increase in the prices but income earned from palm oil and petroleum would not last long. It is projected that by 2014, Petronas would be net importer of oil.
He said the government would need to utilise its revenue judiciously and strategically especially for long term investments.
He pointed to the various kinds of subsidies the government was providing that had reached the RM$50 billion mark with the bulk of it or RM$45 billion for oil and gas subsidy and this had stretched government spending.
Nor Mohamed said a new scheme on oil subsidy, which the government was currently drafting to reduce its financial burden including the pump price of petroleum for vehicles, would be ready in a couple of months.
He explained government needed time to study the scheme as it had to distinguish which groups - the lower, middle or high income brackets - were to benefit most from the new subsidy structure.
Nor Mohamed also said inflation was not a major issue in Malaysia adding that it would hover around three per cent as forecast. — Bernama
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