Guan Eng says may end up as the most unpopular finance minister — report

KUALA LUMPUR (Sept 27): Finance Minister Lim Guan Eng (pictured) said he may end up as the most unpopular finance minister in the nation's history.

In an interview with Malaysiakini, Lim said the upcoming Budget on Nov 2 “is going to be a very difficult budget.

"It is likely I will end up as the most unpopular finance minister, because I have no goodies to give out," he was quoted as saying.

Lim said the government is looking for sacrifices from Malaysians who are used to getting goodies and now, suddenly, are not getting goodies.

He said these sacrifices are necessary to help reduce the RM1 trillion national debt, so that Malaysia can get back on track fiscally within three years.

"You have to sacrifice if you want to reduce the RM1 trillion debt. There are no two ways about it.

"Make a bit of sacrifice so that, hopefully, in three years' time, Malaysia will be back on track," he said.

Lim was quoted as saying it remains unclear as of now, whether a global recession is on its way, although the trade war between the US and China has so far benefitted Malaysia.

However, he warned benefits from the trade war are only for the short term and that if the war drags on for more than two years, Malaysia would also suffer like other countries.

Meanwhile, on the scrapping of the Goods & Services Tax (GST), Lim reiterated the government's plans to make up the difference with revenue from the rise in global oil prices and other methods such as bond issuance, refinancing and asset monetisation.

"We had to fulfil that principal (election) promise (of abolishing the GST). It was tough on us, but we had to fulfil it.

"Despite abolishing the GST, we are still able to pay Bantuan Sara Hidup and we are able to keep prices of petrol stable," he said. — theedgemarkets.com

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