Tuesday November 4, 2008
Continue giving loans, Abdullah tells banks
By MAZWIN NIK ANIS
PUTRAJAYA: Prime Minister Datuk Seri Abdullah Ahmad Badawi wants banks to continue providing loans because credit is crucial to the success of viable projects.
“Our banks and banking system are still solid. We hope to see them carry on providing loans to continue with the national progress and development,” he said.
He added that the banks were well capitalised and had adequate liquidity.
“If the global banking and financial crisis had adverse effects on the US economy, it is different here.
“Deputy Prime Minister (Datuk Seri Najib Tun Razak) will announce in Parliament tomorrow (today) more measures that will be taken to spur the economy,” he said.
PM’s advice: Abdullah speaking at the monthly gathering of the Prime Minister’s Department in Putrajaya yesterday, as Najib and senior officials look on. Abdullah said the priority was to implement projects with “direct and quick” benefit to the rakyat.
He added that tourism, Islamic banking and insurance were sectors that could be further developed.
Abdullah said the country’s economic fundamentals were still strong and the ringgit was stable.
The Prime Minister said Malaysia continued to attract both local and foreign investment, especially with an efficient implementation and administrative system in place.
He also urged Malaysians to work as a team and have confidence in the resilience of the national economy to weather global challenges.
“This is not the time for anyone, particularly civil servants, to isolate themselves because this will weaken the spirit.
“This is also not the time to be lacking in confidence. We must have a strong sense of determination and work together as one,” he said yesterday at the monthly gathering for staff of the Prime Minister’s Depart- ment.
Also present were Najib and Chief Secretary to the Government Tan Sri Sidek Hassan.
Abdullah added that it was the duty of civil servants to convince investors that doing business in Malaysia “is a breeze”, where they would not face red-tape and bureaucracy.
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