Friday June 4, 2010
M’sia won’t go bankrupt, says Awang Adek
KOTA BAHARU: Malaysia will not go bankrupt in 2019 even if a subsidy totalling RM74bil a year is continued, said Deputy Finance Minister, Senator Datuk Dr Awang Adek Hussein.
He said the country’s economy would not be as bad as it had been portrayed such as not being able to repay its debts should the Government continue its subsidy programme.
The move to cut subsidy was aimed at reducing the country’s deficit rate and ensuring a more stable financial standing for the country, he said after delivering a speech at Universiti Sains Malaysia, Kubang Kerian get-together session here yesterday.
Awang Adek was commenting on the statement by Minister in the Prime Minister’s Department, Datuk Seri Idris Jala, that the country could go bankrupt if the provision of subsidy to the rakyat is continued.
According to Jala, who is also the Prime Minister Department’s Performance Management and Delivery Unit chief executive officer, bankruptcy was possible as Malaysia’s debt was expected to rise to 100% of the gross domestic product in 2019 if the provision of subsidy continues. — Bernama