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Saturday, October 31, 2020

Forget fiscal consolidation, use Budget 2021 to save people, jobs - Umno deputy chief

 


Umno deputy president Mohamad Hasan has urged the government to adopt an expansionary fiscal policy for Budget 2021.

The goal for next year's supply bill he said, should be on saving the people and jobs, not fiscal consolidation.

"This is the time for the government to give aid and stimulus targeted to those most affected (by the Covid-19 pandemic).

"We can't let the people live in suffering, businesses close forever, and the economy trapped in irreversible damage," he said in a Facebook post today.

Mohamad added the government should not be worried about deficits and debts, which can be dealt with later.

In order to support increased spending, the Umno deputy president suggested that the government raise funds through local bonds such as Malaysian Government Securities and Malaysian Government Investment Issues.

He said local loans will not negatively impact the economy as it is not subject to foreign regulations and less exposed to changes in foreign interest rates and currency fluctuations.

"As such, fiscal consolidation efforts must be postponed temporarily until 2022, with the hopes that the economy would have fully recovered.

"At that time, if the economy has recovered, spending can be reduced and savings can be prioritised again," he added.

Mohamad also warned the government against extravagant spending under next year's supply bill.

Budget 2021 will be tabled in the Dewan Rakyat next Friday. - Mkini

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