Friday, 5 July 2013

CIMB Malaysian Economic News - 05 July 2013

Malaysia is set to become a high-income developed nation as early as 2018, two years earlier than the targeted 2020, said PM Datuk Seri Najib Tun Razak. The country was on the right track to realise this target since the Government Transformation Programme and the Economic Transformation Programme had started to show significant successes, he said.
  • The government will continue to liberalise key sectors, especially services, and do more to attract, retain and promote talent, so that Malaysian businesses and workers prosper in a fiercely competitive global economy, he noted.
  • "We will focus on those whose potential has not yet been fully realised - young people, women, and foreign talents," he added. (Bernama)
Execution is the key focus of the Economic Planning Unit (EPU) in ensuring Malaysia achieves its objective of becoming a high-income nation by 2020, said Minister in the Prime Minister's Department, Datuk Seri Abdul Wahid Omar. He said while lots of planning had been done, it was time now for the country to focus its attention on execution and implementation, to realise its objective for 2020. Asked about the Budget 2014 to be tabled on 25 Oct, he said the government aims to reduce the fiscal deficit further from 4.5% of GDP in 2012, to 4% this year and around 3% in 2014. (Bernama)

    The toll fee on a 16.5km elevated highway linking Seri Kembangan to Maju Expressways (MEX) will only be decided when the RM90m project is completed in two years' time, the Dewan Rakyat was told Thursday. Deputy Works Minister Datuk Rosnah Abdul Rashid Shirlin said she was confident that the government would impose a reasonable toll charge after negotiating with the concessionaire. Once the project is completed, the government to fixt the toll fee, it might be lower that the proposed RM2.20, she said. (Bernama)

    Minister in the Prime Minister's Department Nancy Shukri said the Bankruptcy Act 1967 is being amended to allow individuals declared bankrupt get release, the Dewan Rakyat heard yesterday. Several alternative provisions would be introduced so that creditors could get back debt based on the insolvency legal framework such as 'individual voluntary arrangement' and 'debt repayment scheme.'

    • "The draft act has been brought to the attention of the Attorney-General's Chamber. Among the provision proposed is automatic release after the case is administered over a certain period (timebased)," she said. 
    • Based on records by the Insolvency Department, some 246,357 individuals were declared bankrupt automatically and blacklisted by the Immigration Department. (Bernama)

    The Ministry of International Trade and Industry (Miti) yesterday reiterated its commitment in safeguarding Malaysia's economic and trading interests vigorously across all international engagements, including the Trans-Pacific Partnership Agreement (TPPA). The ministry issued a statement in response to inaccurate information being circulated by irresponsible quarters regarding the TPPA, specifically, allegations regarding a study by the United Nations Development Programme (UNDP), which in turn, is said to contain recommendations for Malaysia not to sign onto the TPPA.
    • "The study by UNDP lists key advantages and challenges for Malaysia vis-a-vis the TPPA," the ministry added. 
    • Among other things, the study also contained key recommendations regarding Malaysia's negotiating positions across all areas being negotiated in the TPPA, hence the reason why the ministry was not able to release this document yet. (Bernama)The government will continue to liberalise key sectors, especially services, and do more to attract, retain and promote talent, so that Malaysian businesses and workers prosper in a fiercely competitive global economy, he noted. 
    • "We will focus on those whose potential has not yet been fully realised - young people, women, and foreign talents," he added. (Bernama)


    Source: CIMB Daybreak - 05 July 2013

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