Justice For All Malaysia

Asking for yet MORE money from the Rakyat!

Posted on: June 27, 2008

Jun 26, 08 3:33pm
The government said it will spend another RM30 billion on its five-year development plan, to cover the costs of inflation, rural projects and increased food production.


Prime Minister Abdullah Ahmad Badawi said the government would add RM30 billion to the original RM200 billion allocation as part of a mid-term review of the 9th Malaysia Plan.

The five-year development blueprint is aimed at achieving 6.0 percent growth annually until 2010.

“The increase is… to cater for the rising cost of implementing existing projects as a result of the rising prices of building materials,” he said.

mid term review 9th malaysia plan federal govt development allocation of the 9th malaysia plan by thrust 260608Abdullah said it would also cover regional development programmes which have been rolled out in poorer parts of the country, as well as boosting food production as commodity prices soar.

“Priority will be given to people-centric projects – projects which provide amenities and which impart direct benefit to the people, such as water supply, electricity … poverty eradication and public safety,” he told Parliament.

Abdullah defended his government’s decision to hike petrol prices by 41 percent earlier this month, in view of spiralling global oil prices which had sent the cost of subsidies skyrocketting.

“The reality is that our nation faces difficult challenges, caused by external factors which are outside of our control,” he said.

“In the face of these difficulties, the government must have the courage to make decisions and initiate changes that will preserve public prosperity and national interest in the long term.”

Gov’t to continue slashing fuel subsidies

Sulaiman Mahboob, head of the nation’s Economic Planning Unit, said the government would continue to reduce fuel subsidies so that its expenditure was “systematically and gradually reduced”.

Mahboob confirmed there would be major cuts to planned infrastructure projects.

“There will be no allocation for the Penang Monorail and the Penang Outer Ring Road under the 9th Malaysian Plan,” he said of the projects which were estimated to cost the government about RM3.5 billion.

Mahboob said that of the new RM30 billion allocation, RM10 billion will be spent on various regional development programmes while RM3 billion will go to food security and RM2 billion on rural infrastructure.

Impoverished Sabah and Sarawak will receive RM2 billion, RM3 billion will go to a strategic investment fund and another RM3.1 billion is to be spent on information-technology projects.

The government will also allocate RM1.5 billion to public transportation with another RM1 billion to be spent on low- and medium-cost housing, he said.

Malaysia has been hit badly by the rising cost of fuel and food, which Abdullah said could soar from a 22-month high of 3.8 percent in June to as high as 5.0 percent this year.

On Tuesday, Second Finance Minister Nor Mohamed Yakcop said the government was maintaining its growth forecast of between five and six percent for 2008, down from 6.3 percent last year.

mid term review 9th malaysia plan federal govt fiscal position 2005-2010 260608


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Must Attend Program

Please go to this link: https://justice4allkuantan.wordpress.com/2008/10/25/invitation-public-forum-the-isa-and-the-police-reform-process-whats-next-after-pak-lah/
To sin by silence when we should protest makes cowards of people - Emily Cox

Siphoning EPF money

On 'Why should Valuecap borrow from EPF?' Syed Shahir Syed Mohamud: MTUC condemns the government's move to bail out Valuecap to support the local stock market using RM5 billion from EPF, as the provident fund is the custodian of the workers' money and not some sort of ‘automated teller machine' for the government.
If at all the EPF were to lend its money to the government, it has to be under the condition that there be transparency and accountability in the activities for which the money has been purposed. We want to know who is doing what with the money that belongs to the workers. This is the hard-earned money of the workers, their retirement plan. How is this bailout plan going to benefit the workers? We also question the reason for this bailout. If the economic fundamentals in Malaysia are strong and reserves sufficient as has been stated several times by the government, then why is there a need to offer so much money to the GLCs? Second Finance Minister Nor Mohamed Yakcop should prove how the EPF would profit from this loan. Bernama had reported that Nor had given the assurance that the loan given out by EPF would reap profits for the fund judging from Valuecap's past performance. But where is the paperwork and calculations to show that this move will benefit the EPF? MTUC is concerned that the loan might be mismanaged or misused and this, in turn, would affect the returns for the contributors. Mere assurances are not enough. We want to proof that this RM5 billion will not go down the drain. (The writer is president, MTUC). Sharyn: The government wants to use our pension money to prop up the Malaysian stock market which is the playing field of the rich people. If so, the government must ensure that the EPF account holders - who are predominantly the poor to average citizens of Malaysia - be guaranteed all of our pension money with a compound 8% growth (interest). It's so selfish and sick of the government to use the poor's pension money to help the rich to make more money with all the risks taken by the poor/average citizen. We can better use the RM% billion loans to Valuecap for our children's education, shelter, medical bills etc. Why not get those rich people to prop up the share market instead? Why should they park their money overseas and gamble with our EPF money instead? Kumar14: Who is behind this Valuecap organisation? Why suddenly, this separate entity is allowed to access funds from the EPF? Are they capable enough to handle it or is it just another desperate and blind move? It has been a very infamous trend where the people's funds are channeled to a company for investment purposes and suddenly POP! the funds disappear and there is nobody to be held responsible but a RM2 shell company. Charge who? Sue whom? The RM2 company (just a registered name)? We have seen this many times. People in power and with connections allow such things to go through and reap/rob the people's wealth and then blame it on organisations which actually don't exist. What if a lot of EPF funds are looted via such scams and nobody is to be pointed at? Where will the government get the funds to replenish the EPF? The people are very bored, disappointed, angry and frustrated at seeing all these dumb and unaccounted for measures being allowed by the government with lame excuses. Please, somebody verify the true purpose, integrity and capability of anybody attempting to use the people's fund.

Raja Petra

Photobucket Ihsan dari blog Go!Malaysian http://gomalaysian.blogspot.com/


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