I have no issue paying my petrol consumption at reasonable market price, but the transparency of the resulting savings whereabouts is what concerns me.
Let me summarize the article in my own words:
"Gas, Petroleum and Energy tariffs are FOR SURE going to be increased. We are going to squeeze people's money for the sake of increasing the financial outlook of our beloved GLC companies and thus foster the financial strength of our political parties, which in turn selectively creating more wealthly fellows in our nation.
There is no schedule on when all these plans will kick off, but I can only pledged you to get ready for it when the time comes. "
No Timeline To Review Fuel Subsidies, Says DPM
By Tham Choy Lin
HONG KONG, Nov 30 (Bernama) -- Deputy Prime Minister Datuk Seri Najib Tun Razak said today any review of gas and petroleum subsidies by Malaysia must not impact adversely on the people and national power supplier Tenaga Nasional Bhd (TNB).
"We do not want the people to be overburdened with any review of the price of gas and petroleum products but at same time, we are mindful not to undermine the market worth of strategic companies like TNB," he told a news conference after spending the day meeting global fund managers.
Najib said there is no timeline for a review but if it takes place, it will be made concurrently with a tariff review.
Malaysia's policy on gas and petroleum subsidies was raised by the fund managers who were also interested in Malaysia's economic direction, market liquidity and Islamic banking, he said.
He said the fund managers had noted the reforms and also measures by the government to generate more liquidity in the market, and he referred to today's listing of Sime Darby on Bursa Malaysia as "successful, beyond our expectations."
The debut of Sime Darby with a 26 percent premium came as Najib kicked off the second leg of an international investment roadshow in this international financial centre where he met about 50 portfolio and asset managers.
Najib said Malaysia's economy, which reported a 6.7 percent third quarter growth this week, has become more resilient and diversified to better weather external shocks, thanks to structural reforms taken over the past three years.
And he expected the pace of growth to remain on track in the final quarter to meet Malaysia's target of 6 percent growth this year with a low inflation rate of up to 2 percent.
"There is enough momentum in the domestic economy, consumption and investment flows are strong, the prices of commodities are also strong. Even in the event of a downturn in the global economy, the impact will be slight and it will not be as great as compared to a few years ago," he said.
On the level of interest in Malaysia's new economic corridors, the Deputy Prime Minister said the investors wanted to size up developments on the ground first, especially at the Iskandar Development Region in southern Johor.
"This is only the beginning and it will take time. We expect by the middle of next year to see quite significant development on the ground for them to see and to address sceptics," Najib said.
Najib began the day over breakfast with more than a dozen international fund managers and held discussions with five more groups of investors during the day.
He met key officials and portfolio managers from funds such as ABN Amro Asset Management, Capital International Research Inc, HSBC Halbis Partners (Hong Kong) Ltd, ING Investment Management, Merrill Lynch, Morgan Stanley, JP Morgan, Blackrock, Invesco, AIG and RBC Investment Management.
Another participant was Bank for International Settlements head of treasury for Asia Pacific, Miranda Tam.
His high-profile delegation includes Second Finance Minister Tan Sri Nor Mohamed Yakcop, Bank Negara Malaysia assistant governor Lillian Leong, Khazanah Nasional Bhd managing director Datuk Azman Mokhtar and Securities Commission executive director for issues and investment Datuk Kris Azman Abdullah.
-- BERNAMA
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