Sunday September 30, 2012
Banks to lend assistance
IPOH: Commercial banks will provide housing loans for civil servants to help reduce Government expenditure, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
“Talks with the banks on the matter have been fruitful.
“The Government will subsidise the interest rate payments if it is beyond 4% (the rate meant for civil servants).
“Previously, the housing loans for civil servants were under the Housing Loan Division (BPP), whereby the Government would have to set aside some allocations for this.
“The amount is usually a few billion ringgit.
“We feel that public expenditure can be reduced if the banks themselves handle the loans,” he said after opening the Perak Malay Contractors Association annual general meeting yesterday.
On Friday, Datuk Seri Najib Tun Razak announced the restructuring of BPP, in which the Government would appoint panels from commercial banks to manage new housing loans for civil servants, effec- tive January.
Asked about the Federal Government debt, which is expected to increase, Ahmad Husni said borrowing was necessary for economic growth.
“We borrow for development and if we do not have economic growth, this will cause a systemic effect of low economic activity and unemployment,” he added.
The 2012/2013 Economic Report said the total Federal Government debt was expected to increase by 10.1% to RM502.4bil on account of higher domestic borrowing to meet funding requirements.
Domestic debt remains the major portion of the total debt at 96.5% or RM484.8bil.
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