Govt to spend RM45bil this year for development projects

  • Business
  • Monday, 01 Jul 2019

PUTRAJAYA: The government will spend about RM45bil in 2019 on more than 4000 development projects to spur the Malaysian economy, which has been affected by external vulnerabilities.

According to Economic Affairs Minister Datuk Seri Mohamed Azmin Ali, the benefits of the multi-billion-ringgit development expenditure would flow into the following years and ensure sustained domestic economic growth.

"Together with the resumption of several large-scale projects, these measures will be our growth drivers for this year and the next.

"As we continue to work towards the enhancement of foreign direct investments, there should be simultaneous efforts to boost domestic investment as well," Azmin said during the launch of the World Bank's latest Malaysia Economic Monitor and the Kick-Off conference of the 12th Malaysia Plan.

He spoke via a video recording as he is currently attending the sixth OPEC and non-OPEC ministerial meeting in Vienna.

He pointed out that the government also focuses on measures to reduce regulatory burden in line with its aim to improve ease of doing business, adding that "there is still more work to be done".

"Among the steps being undertaken is the removal of non-tariff measures (NTM).

"As of 2018, the government has reviewed 668 NTMs under six ministries that had a total estimated compliance cost of RM2.96bil, with a potential cost saving of RM739mil," he said.

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Azmin Ali , World Bank


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