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Friday, October 10, 2014

Wrong to pass debt to next gen - Najib justifies price hikes: THEN WHY LET 1MDB TAKE MASSIVE LOANS?

Wrong to pass debt to next gen - Najib justifies price hikes: THEN WHY LET 1MDB TAKE MASSIVE LOANS?
PETALING JAYA - Prime Minister Datuk Seri Najib Abdul Razak stressed that it was crucial for the government to implement deficit reduction measure in order to achieve a balanced budget by 2020.
In his statement issued a day before Budget 2015, Najib noted that the government was on track to meet its fiscal deficit targets, which include reducing the deficit to 3.5% by the end of this year and 3% by the end of 2015.
"It is wrong to pass the burden of debt to the next generation. We must pass on a stronger economy with less debt.
"We must do what is right for Malaysia's economy, not what is popular. By doing so, we will ensure long term prosperity for the people," he said.
He also added that Budget 2015 would be "pro-rakyat", and include measures to ease concerns over the cost of living.
Najib noted that the budget would help to enhance job opportunities, improve education and create more affordable housing.
He also stressed that the BR1M programme will continue as it is part of the government's manifesto.
"It is part of our subsidy rationalisation.
"By switching from blanket subsidies to more targeted support, we are getting better value for money," he said.
Najib also underscored his commitment to subsidy rationalisation, noting that fuel subsidies have increased from RM1.6 billion per year in 2002, to RM2 billion ringgit per month in 2014 – adding that the current levels of subsidies are "unsustainable." -Sundaily

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