Cut on fuel subsidy: Minimal impact on inflation
Published on: Thursday, September 19, 2013
Kuala Lumpur: The tapering of the fuel subsidy by the government, which has resulted in a hike in fuel prices, will only have a minimal impact on the country's inflation, says Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah.He said calculations done by the Finance Ministry on the impact of the fuel price increase showed a very minimal movement of 0.2 per cent in the inflation rate to an estimated 1.9 per cent from the current 1.7 per cent."We are not in a mode of recession, the country (economy) is still growing, consumption should still go on," he told reporters on the sidelines of the media launch of the Global Social Business Summit 2013 here Wednesday.ADVERTISEMENT
Meanwhile, commenting on the Prime Minister's announcement last Saturday regarding measures to increase Bumiputera holding of land and equities, Irwan said this population segment made up of over 67 per cent of the country, however, their ownership of land and equities was still lacking."We need to come up with a programme and draw up strategies through initiatives that have been announced to increase land and equity holding among Bumiputeras," he said.Global Social Business Summit 2013, organised by The Grameen Creative Lab, Yunus Centre and Youth Trust Foundation (myHarapan), would be held on Nov 7-9 and is expected to attract about 700 participants.Stay up-to-date by following Daily Express’s Telegram channel.
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The forum's speakers include Prime Minister Datuk Seri Najib Tun Razak, Nobel Peace Prize Laureate Professor Muhammad Yunus and The Grameen Creative Lab co-founder Hans Reitz. - Bernama
