Budget 2016 recalibration won’t sacrifice social safety net

Targeted subsidies such as 1Malaysia People's Aid (BR1M) and that for education will not be stopped, says Deputy Finance Minister Johari Abdul Ghani.

KUALA LUMPUR: The recalibration of Budget 2016 will not in any way impact the social safety net for the people, says Deputy Finance Minister, Johari Abdul Ghani.

“Targeted subsidies such as the 1Malaysia People’s Aid (BR1M) and that for education, will not be stopped,” he said after officiating the opening of the Bukit Bintang City Centre (BBCC) sales gallery here today.

On Bank Negara Malaysia reducing the statutory reserve requirement (SRR) of banking institutions to 3.5 per cent from 4.0 per cent effective February 1, Johari said it was a good move to create liquidity in the country.

“Based on an estimate, I think, about RM6.0 billion will be made available to the market to create more activities in it,” he added.Meanwhile, phase one of the BBCC project with a combined gross development value (GDV) of RM4.0 billion, is geared to be launched by the second quarter of 2016, according to the consortium company, BBCC Development Sdn Bhd (BBCCD).

BBCCD was established to redevelop the 7.85 hectare site of the former Pudu Jail. Its shareholders are UDA Holdings Bhd and Eco World, with a 40 per cent stake each, with the remaining being held by the Employees Provident Fund (EPF).

On Bumiputera participation in the BBCC project, he said the consortium had started compiling a list of Bumiputera contractors, including listed companies, to be involved with the development.

– BERNAMA