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Subsidy gains will spur growth in M'sia: Najib

Publication Date : 04-03-2014

 

More development projects can be expected in Malaysia from the savings which the government would gain from its subsidy rationalisation measures, Prime Minister Najib Tun Razak said.

Najib said the projects would be rolled out under the 11th Malaysia Plan, and these would include the construction of additional schools, urban and rural roads, water treatment plants and flood mitigation projects.

He emphasised that the projects would involve large costs, thus there was a need to introduce adjustments to the subsidies that the federal government spent annually on items such as fuel and sugar.

“In spite of the subsidy rationalisation measures, we are sensitive to the people’s concerns over the rising cost of living, and we take measures to monitor these prices and provide targeted subsidies,” Najib said at the prime minister’s department’s monthly staff assembly here on Monday.

“These are for the growth of our economy and I hope we will all give our support towards the government’s policies.”

Najib reiterated that the inclusive and strong policies of the government had continued to put Malaysia on the right track to becoming a developed nation by 2020.

He added that the country had shown an impressive growth in its trade, investment and economy, with 1.36 trillion ringgit (US$414 billion) in trade values and attracting 216 billion ringgit ($65 billion) in investments.

However, Najib also reminded his administration not to be quick in being satisfied with the results but to continuously seek to bring greater improvement.

“As a nation, we need to consistently practise self-development and self-improvement so that we can attain a higher growth rate,” he urged.

“There are many other countries that are faced with different problems,” he said. “However, we, in Malaysia, must always be prepared for any eventuality by taking proactive measures.”

 

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