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Published: Thursday December 19, 2013 MYT 4:53:00 PM
Updated: Thursday December 19, 2013 MYT 9:40:17 PM

PMO: Subsidy cuts, control of public spending essential to keep economy strong

PETALING JAYA: Government initiatives such as the slashing of subsidies and control of public spending, must be taken to protect the welfare of the people and ensure that the economy remains strong, said the Prime Minister's Office.

The steps, although considered unpopular by certain quarters, was necessary to maintain investor confidence and to continue the strong growth in jobs and income in the last four years," said a Government spokesman in a statement through the Prime Minister's Office here on Thursday.

The spokesman said that institutions, investors and international agencies have supported the responsible approach.

He added that unlike the Opposition that promised everything to everyone, the Government was making tough decisions to protect Malaysia's economy.

"Some of the measures may not be popular now, but in the medium-term, what is good for the economy is also good for the rakyat," said the spokesman.

Internationally-recognised agencies like Moody's and Standard & Poor's have reviewed Malaysia's credit rating following better prospects based on the Government's fiscal consolidation and reforms.

"In the short-term aspect, the Government has provided various aid to those who are in need.

"The Government has introduced the 1Malaysia shops to alleviate the burden by reducing the cost of basic items, as well as setting-up 1Malaysia clinics to provide affordable healthcare to the people," said the spokesman.

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