Thursday, 3 November 2011

Special package of economic protected

PACKAGE worth RM6 billion special stimulus provided in the Budget 2012 will function as a protector to the economy of the possibility of another round of world economic crisis, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
"It is to ensure that the country enjoys a higher economic growth if the recession does not occur, and if the opposite happened, then it will be able to protect our economy.
"If the recession in the United States (U.S.) and the zone of the European Union (EU), will almost certainly affect trade figures. "Because the government stressed the stimulus package is to protect the nation's economic strength," he told reporters after delivering a keynote address at Conference of Accountants and Malaysian Institute of Accountants ASEAN Federation of Accountants Conference on the 17th (MIA-AFA 2011) in Kuala Lumpur yesterday. In the 2012 Budget last month, the government has allocated a special stimulus package worth RM6 billion to be implemented through private finance initiative development of specific projects. Ahmad Husni said with a buffer, the government is confident of achieving economic growth targets of between five to six per cent next year, even amid the global economic environment of uncertainty. "For this year, the government is confident of achieving set targets, but still do not know the next year. "International Monetary Fund (IMF) has projected we can achieve 5.1 percent growth this year and 5.2 percent next year, but the actual situation of the world economy next year is unclear," he said, adding government's focus now be on increasing domestic spending, private investment and government spending to sustain growth. He also stressed that the current economic climate, the government is more concerned about the prospects for growth than inflation. As a result, he said, in the worst scenario, the government still have additional funds to provide further stimulus packages. "We still have a reserve fund financing, such as support of RM4 billion is included in the income account and the funds of RM5 billion in the National Trust Fund (KWAN). "The Ministry has also requested the Accountant General to review the fund trust valued at RM30 billion, in part not used, "he said. The government also said, quite conservative in its revenue projections for next year for not taking into account the dilution of some government assets and the lacunae in terms of debt collection from the Inland Revenue Board (IRB) in 2012 Budget . "We plan to privatize state-owned assets in the form of parcels of land, to add to the national income. "For the collection of debts by the IRB, the ministry found that number to increase significantly this year after the lab implemented in order to public finances earlier this year.

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