Dr M, Guan Eng Warn Of “Sacrificial” Budget 2019
Author Avatar

 

Dr M, Guan Eng Warn Of “Sacrificial” Budget 2019

The Pakatan Harapan government’s budget for the year 2019 will be tabled on 2 November, and both the prime minister and finance minister have indicated that it will be austere.

In a joint interview with Malaysiakini and Sinar Harian, Prime Minister Tun Dr Mahathir Mohamad said that the federal budget will entail many sacrifices as his government is looking to save money after inheriting debts from the previous administration.

“The budget is of sacrifice – everyone will have to sacrifice,” said Dr Mahathir. “The budget has to be careful. We can’t spend more than our earnings. We can’t entertain all sorts of requests – we have to accept that we must sacrifice.”

However, the prime minister was also reported saying that the government would not be as frugal with its budget as crisis-hit Greece.

(Image: The Star)

This sentiment was echoed by Finance Minister Lim Guan Eng after a briefing on the Sales and Services Tax (SST) to businesses in George Town on 10 September. According to the minister, Budget 2019 would definitely be a “belt-tightening” exercise.

“I agree with the Prime Minister, who used the term ‘sacrificial budget’ to describe it, as the government does not have any money to give out to the people,” he said. “The 1MDB scandal had created a huge debt for the country and if we are not careful, it would result in a major financial crisis.” He added that ministers had to take a 10% pay cut and that incentives could only be given when the financial position of the nation improves.

Lim cited the government’s actions to postpone or cancel projects and abolish Goods and Services Tax to replace it with SST as steps taken to handle the present economic situation. However, the government has kept the fuel prices low and would continue paying the BR1M, which has been renamed to Bantuan Sara Hidup.

Interestingly, the government has opened up a platform for members of the public who want to make their voices heard and get involved in the Budget 2019 process. A dedicated government website, belanjawan2019.treasury.gov.my, will be taking in ideas and suggestions regarding the Budget until 30 September 2018. Alternatively, you could also share your views on Facebook, Instagram, and Twitter using the hashtag #belanjawan2019.

(Source: Malay Mail, The Star

 

0 0 votes
Article Rating

SHARE

Comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 28th July 2021
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Malaysian Banks And Local Institutions Offer Financial Assistance For Customers Affected By Covid-19
Alex Cheong
- 1st April 2020
(Last update: 1 April 2020, 3.40pm to include FAQs by banks.) With Malaysia going into an extended period […]
Post Image
How to Decide Whether to Buy a New or Used Car
The RinggitPlus Team
- 25th January 2019
Considering an upgrade on your wheels or a first car? The eternal question would be whether to buy a new or used car. We take on the question of buying new or used and turn it inside out to help you make a decision.

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image