RM880m for state reserve fund; watch on Greece
Published on: Tuesday, June 30, 2015
Putra Jaya: The National Finance Council has agreed to provide RM880 million to the State Reserve Fund with additional RM240 million fund for 2015 and RM110 million for 2016.Prime Minister Datuk Seri Najib Razak said the total contribution allocated by the federal government to the fund was RM720 million for 2015, RM580 million (2016) and RM530 million (2017).The council, he added, also called on all state governments to adopt measures to raise their revenue collection and reduce outstanding with average worth more than RM2 billion each year between 2010 and 2014. On Greece economic crisis, Najib, who is also the finance minister said there would be no systemic effects to Malaysia's economy.
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"Nonetheless, we will keep a close watch on the situation over there," he told reporters after chairing the National Finance Council meeting, Monday.It was reported that Athens had ordered banks to shut down temporarily, with stock exchange closed on Monday and ATM withdrawals were limited to €60 (RM252.24) as the country tried to avert financial collapse."We will see the global impact but I want to see the development in the next one or two days. The key factor is whether Greece remains part of the Eurozone or it will pull out of it. We (Malaysia) have to see the event."We also need to monitor and see global sentiment and how it plays up," Najib said when commenting on whether Greece's financial collapse would impact Malaysia.
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