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RM674mil in subsidies to avoid price increases of basic items - Najib Razak
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RM674mil in subsidies to avoid price increases of basic items

By Wednesday March 11th, 2009 No Comments

IN a bid to relieve the burden of consumers, the Government has allocated RM674mil in subsidies to avoid price increases of necessities such as sugar, bread and wheat flour.

Deputy Prime Minister Datuk Seri Najib Tun Razak said without the subsidies, the price of sugar will increase 47 sen per kg.

“The price of wheat flour will go up 60 sen per kg while a 400gm loaf of bread will go up by 26 sen,” he said when tabling the mini budget at Parliament yesterday.

To ensure that toll rates were not increased, Najib said the Government had provided RM480mil.

“With these measures, the Government will allocate a sum of RM27.9bil for subsidies in 2009,” he said.

On home ownership, Najib noted that the current investment sentiment in the housing sector was weak as both developers and buyers appeared to be adopting a cautious attitude to build and own houses.

“To stimulate the housing sector, the Government proposed that house buyers be given tax relief on interest paid on housing loans up to RM10,000 a year, for three years,” he said.

The encouragement for home ownership also received a further boost when an additional RM200mil has been provided for the rumah mesra rakyat housing project under Syarikat Perumahan Negara Berhad.

Previously, RM200mil was allocated to build 6,500 such houses in the first stimulus package that was announced in November.”

Source : The Star

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