Despite a small decrease in the state's coffers for the year ending 2018, Penang Governor Abdul Rahman Abbas has described the state's finances as "strong and stable", proof of its competency, accountability and transparency (CAT) policy.
During his speech to officiate the 14th Penang Legislative Assembly's Second Meeting today, Abdul Rahman said the state's financial account for 2018 has been submitted to the Auditor-General on Jan 16.
"The statement showed that Penang recorded a revenue of RM987 million compared to RM757 million in 2017.
"This shows there was an increase in revenue amounting to RM230 million," said Abdul Rahman, at the ceremony held in Dewan Sri Pinang.
The state's expenditure in 2018 amounted to RM1.005 billion, compared to RM706 million in 2017, an increase of RM299 million.
Abdul Rahman said the state's reserves at the end of 2018 stood at RM1. 074 billion, compared to RM1.092 billion in 2017.
"The state's accumulated reserves shows that our financial status is stable and strong.
"This achievement is also proof of the Penang government's CAT policy in managing the state's finances responsibly based on the principles of value for money," said Abdul Rahman.
Describing the state's economic performance as "positive", Abdul Rahman pointed out that the global economic growth remains at 3.9 percent in 2018, while Penang's stand at 3.3 percent.
He also noted that in 2018, Penang recorded investment figures around RM5.78 billion, with approved foreign direct investment at RM3. 69 billion, while domestic investments were at RM2. 09 billion.
Despite the focus on tourism and service sectors, Abdul Rahman said the manufacturing sector remains a mainstay of the state's economy.
"Penang continues to receive investments, where in 2018, Micron, a Fortune 500 company, announced a RM1.5 billion Solid State Drive in Taman Perindustrian Batu Kawan".
In May 2018, Chief Minister Chow Kon Yeow replaced Lim Guan Eng who left for Putrajaya to take over the post of Finance Minister as GE14 swept Pakatan Harapan to federal power ending over 60 years of Umno-led rule. - Mkini
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