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Sunday May 11, 2008

Subsidy exceeds 9MP spending, says Pak Lah


PUTRAJAYA: The subsidy for oil and gas this year is RM45bil, surpassing the annual RM40bil allocated for national development under the Ninth Malaysia Plan (9MP), said Prime Minister Datuk Seri Abdullah Ahmad Badawi.

Under the 9MP, he said, RM200bil was allocated from which RM40bil was to be spent each year for five years.

“It is RM5bil more, we need to look for more allocations,” he said, adding that the Government was trying hard to soften the impact of rising fuel and food prices in the international market.

The global oil price, he said, was now at its highest, at US$124 (RM396) per barrel, causing escalation in prices of several other goods, especially food.

“The Government will try its best to ease this burden and not watch helplessly,” he said at a public sector Workers Day gathering here yesterday.

Abdullah said this was why RM4bil was allocated to provide for sufficient food supply in the country, of which RM2.5bil would be spent soon. However, he added that he did not know if the balance RM1.5bil would be enough for later.

“Due to this, we will have to review all projects and their allocations,” he said.

Abdullah urged Malaysians to change their lifestyle and save money to cope with the escalating cost of food and oil. He also advised them to not waste food and to conserve fuel, water and electricity.

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