Tuesday 14 June 2011

Gov't seeks RM13bil supplementary budget

The federal government has tabled a Supplementary Supply Bill seeking RM13 billion for additional spending over the first half of the year.
asli capital market summit 131107 awang adekDeputy Finance Minister Awang Adek Hussin (left) tabled the Bill after question time, asking for a total of RM13,186,713,000 in additional funds.

This is on top of the country's 2011 Budget tabled by Prime Minister and Finance Minister Najib Abdul Razak last year, amounting to RM162,805,323,000.
The request for a supplementary budget comes at a time when the federal government is aiming for six percent economic growth this year.
However, the drastic slash of sugar, electricity, natural gas and diesel subsidies this year is causing inflationary pressure and dampening spending.
Where the money will go
azlanAccording to the Bill, the extra funds are split into five sectors - economy, social, security, general adminisration and transfer payments.
The biggest chunk of the supplementary funds is to cover transfer payments, worth RM6 billion under the Treasury General Services.

The social sector accounted for the second largest quantum of RM3.62 billion, with education and training under the Education Ministry accounting for RM1.54 billion.
Another RM2.4 billion is requested for the economic sector, followed by general administration (RM639 million) and security (RM530 million).

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