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ETP To Help Boost Growth, Avoid Bankruptcy, Says Idris [ 10-11-2011 ]

KUALA LUMPUR, Nov 1 (Bernama) -- The Economic Transformation Programme (ETP) will enable the country to record a higher four per cent growth while earning more revenue to avoid bankruptcy.

Minister in the Prime Minister's Department, Datuk Seri Idris Jala, said for the next ten years, if the Malaysian economy were to grow at less than four per cent, without the ETP and there was no curb on operating expenditure, which included subsidies, the country's debt was expected to rise by 12.5 per cent per annum.

"If that happens and revenue is not growing and the economy grows at less than four per cent, we could reach our debt position of 100 per cent of gross domestic product by 2019," he said.

Idris, who is also the chief executive officer of Performance Management and Delivery Unit, was speaking at a media and analyst briefing in conjunction with "ETP Turns One" here Tuesday.

He said to increase revenue, the goods and services tax (GST) was needed, adding that 143 countries had implemented it, including Sudan, Lesotho and Cambodia.

Idris said if if GST rate was at five per cent, the country could see RM6 billion a year in revenue and RM13 billion over a five-year period if the rate was the same as Singapore's seven per cent.

On subsidy rationalisation programme, Idris said: "I'm still gung ho on it," adding that the government had embarked on the third round of increases in RON95 and had removed the subsidy for foreign students.

-- BERNAMA

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