PUTRAJAYA: The government is willing to bear the projected huge subsidy totalling RM77.3 billion for this year towards stabilising the prices of goods and avoiding high inflation rates of up to 11.4 per cent, says Minister in the Prime Minister's Department (Economy), Datuk Seri Mustapa Mohamed.
He said the government had a choice of removing subsidies and strengthening the country's finances to a better level, but it chose to bear the subsidies instead for the welfare and well-being of the people.
Mustapa said the announcement on June 24 by Prime Minister Datuk Seri Ismail Sabri Yaakob of no increase in the water and electricity tariffs, and the chicken price not being floated showed the government's caring side and commitment to maintaining the subsidies.
Referring to the projected consumer subsidy expenditure amounting to RM77.3 billion for 2022, he said RM51 billion of it made up the biggest component of fuel, cooking oil, electricity, water, chicken and egg subsidies whereby the government played an important role in stabilising the prices of goods in the market.
"Without these subsidies (RM51 billion), the inflation rate of 2.8 per cent in May 2022 could have been 11.4 per cent. This shows the role of the subsidies given by the government in stabilising prices in this country," he told the media after launching the Statistics Data Warehouse (StatsDW) 2.0, here, today.
Finance Minister Tengku Datuk Seri Zafrul Tengku Aziz had on June 25, said the total subsidies of RM77.3 billion included for petrol, diesel and liquified petroleum gas (LPG) amounting to RM37.3 billion and cooking oil (RM4 billion) and various forms of aid including the Bantuan Keluarga Malaysia (BKM) (RM11.7 billion), as well as other subsidies (RM14.6 billion).
"Without subsidies, surely the government's financial position is better but the government has taken into consideration the needs of the people, hence it spends on subsidies for the people's well-being and to help lessen their burden," said Mustapa.
Meanwhile, he did not dismiss the possibility of the biggest sum of subsidy ever given having an impact on the country's fiscal deficit and the government needed to look into cost-saving measures as well.
"Certainly, subsidies will put pressure on national expenditure, hence the government should look into cost-saving measures with regard to management and development expenditure to ensure that the government's financial position remains strong," he said.
Asked whether the government would postpone the implementation of mega projects to save costs, Mustapa said although there was no final decision on this yet, there was the emphasis on saving expenditure following the global economic crisis.
"The government has not decided yet on whether to postpone the implementation of mega projects in view of the situation being rather dynamic and changing from time to time," he said in reference to the high oil market price and the uncertain Ukraine-Russia geopolitical crisis.
The management expenditure is the government's current or repetitive expenditure in managing and administering the country while the development expenditure is for spurring the country's socioeconomic growth such as building schools and other infrastructure.
Earlier, in his speech, Mustapa said the need to store data in a single warehouse had become increasingly important in facing global issues such as food security and inflation rates, with the Department of Statistics Malaysia (DOSM) having a role of translating and presenting the related statistics.
"With the provision of various statistics in the StatsDW DOSM, data analyses can be done accurately and efficiently," he added at the event with the chief statistician, Datuk Seri Dr Mohd Uzir Mahidin also present.
StatsDW 2.0 is a continuation and improvement of StatsDW that was launched in 2016, a solution for data overflow from various sources, besides encouraging the sharing of data among the various agencies in the public sector.
-- BERNAMA
Bernama
Mon Jun 27 2022
Mustapa said the government is willing to bear the projected huge subsidy totalling RM77.3 billion for this year towards stabilising the prices of goods and avoiding high inflation rates of up to 11.4 per cent. - BERNAMA
[TERKINI] Majlis Perasmian Persidangan DSA & Natsec 2024
Majlis Pembukaan Pameran Dan Persidangan DSA & Natsec Asia 2024 oleh Perdana Menteri, Datuk Seri Anwar Ibrahim di Malaysia International Trade and Exhibition Centre (MITEC), Kuala Lumpur.
Syed Saddiq fail semakan tindakan PM, kerajaan henti peruntukan untuk Muar
Syed Saddiq dan tiga pengundi memfailkan permohonan kebenaran untuk mendapatkan semakan kehakiman di Mahkamah Tinggi berhubung tindakan pemberhentian peruntukan untuk Parlimen Muar.
Liputan terhadap Israel, perang di Gaza tidak terjejas - Al Jazeera
Editor pengurusan Arab saluran itu, Mohamed Moawad berkata ada kaedah lain yang akan digunakan oleh pasukannya dalam membawakan perkembangan terkini dari tanah Palestin itu.
Polis nafi serangan terhadap Faisal, Akhyar berkait 'bookie'
Polis menafikan dakwaan kononnya kes serangan terhadap dua pemain bola sepak negara mempunyai kaitan dengan pengendali pertaruhan (bookie).
Polis tahan dua lelaki, rampas dadah lebih 21kg
Polis menahan dua lelaki tempatan yang dipercayai terbabit dengan aktiviti pengedaran dadah di Jalan Medan Simpang, Simpang dekat Taiping.
Universiti Nottingham, Astro AWANI anjur sidang meja bulat Kewartawanan Dalam Era Gangguan AI
Perbincangan meja bulat ini bertujuan menyediakan platform untuk membincangkan implikasi AI terhadap kewartawanan dan masyarakat.
AWANI Ringkas: Dua daripada lima rakyat sanggup berhenti kerja
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
Jualan Proton pada April naik 17 peratus kepada 11,025 unit
Proton mencatatkan pertumbuhan 17.1 peratus pada April 2024 dengan 11,025 unit dijual dalam pasaran domestik dan eksport.
'Nama tengah naik' - Rozie Othman akui kecewa Syasya keluar Dolla untuk berkahwin
Syasya kini masih berada di Malaysia dan akan mengotakan janji mengikut suaminya untuk ke luar negara.
Sultan Pahang ingatkan ADUN berbahas secara rasional, dahulukan kepentingan rakyat
Sultan Pahang Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah mengingatkan semua Ahli Dewan Undangan Negeri (ADUN) supaya berbahas secara rasional dan berpegang kepada prinsip mendahulukan kepe
Mustapa Mohamed terima anugerah daripada kerajaan Jepun
Mustapa dianugerahi Grand Cordon of the Order of the Rising Sun daripada Kerajaan Jepun atas sumbangan beliau dalam hubungan Jepun-Malaysia.
Mustapa Mohamed dianugerah Ijazah Doktor Kehormat AeU
Bekas Menteri di Jabatan Perdana Menteri (Ekonomi) Datuk Seri Mustapa Mohamed dianugerahkan Ijazah Doktor Kehormat oleh Asia e University (AeU).
2.1 juta pekerja asing di Malaysia sehingga Jun tahun ini - Mustapa
Jabatan Perangkaan Malaysia (DOSM) merekodkan 2.1 juta warga asing yang bekerja dalam pelbagai bidang, berada di Malaysia setakat Jun tahun ini.
Warga asing: Bilangan menurun berbanding 2020
Jabatan Perangkaan Malaysia (DOSM) merekodkan bilangan warganegara asing yang berada di Malaysia berkurangan daripada 2.7 juta orang pada 2020 kepada 2.4 juta tahun ini.
Malaysia mampu tawar banyak perkara berkaitan ekonomi halal, bidang lain dalam dunia Islam - Mustapa
Malaysia sebagai sebuah negara terkemuka dalam dunia Islam, mampu menawarkan banyak perkara terutama yang membabitkan amalan terbaik, perdagangan dan inovasi.
Jumlah penganggur turun, kadar pengangguran kekal 3.7 peratus
Kedudukan pasaran buruh pada bulan Ogos 2022 kekal stabil berikutan prestasi ekonomi yang semakin baik dan memberangsangkan.
Sektor pelancongan perlu dipertingkatkan, perkukuh ekonomi negara - Mustapa
Peruntukan RM200 juta menerusi Bajet 2023 bagi tujuan pemulihan sektor pelancongan dilihat salah satu usaha memulihkan ekonomi dalam negara.
Kerajaan semak semula kategori kumpulan pendapatan - Mustapa
Kerajaan akan menyemak semula kategori kumpulan pendapatan berdasarkan hasil Survei Pendapatan, Perbelanjaan dan Kemudahan Asas tahun 2022.
Malaysia kekal sebagai destinasi pelaburan menarik - Mustapa
Malaysia kekal sebagai destinasi pelaburan yang menarik untuk pengembangan perniagaan global dan serantau, kata Datuk Seri Mustapa Mohamed.
Impak penyusutan ringgit kepada bayaran hutang langsung kerajaan adalah kecil
Mustapa berkata kebanyakan hutang kerajaan adalah dalam nilai mata wang ringgit, khususnya Bil Perbendaharaan dan Sekuriti kerajaan.