Selangor’s cash reserves hit historic high
(Harakah Daily) – The Selangor state government has managed to increase its cash reserves by some RM200 million in the first six months of this year, bringing the total to RM1.1 billion.
According to Menteri Besar Khalid Ibrahim, the amount is the highest achieved by the state over the past 28 years.
Since taking over from Barisan Nasional, Khalid said the state has registered a significant increase in investment amounting to RM35 billion between 2008 and June 2011.
“This means the present Selangor state government has not only succeeded in increasing the revenue but also in implementing effective and efficient financial management.
“From the onset, I had misgivings in shouldering this responsibility given by the majority of the people in Selangor who wanted change, in the sense that the state’s profits can be distributed and enjoyed in a fair manner to the multi-cultural citizens of this state,” Khalid told during a royal dinner last night attended by the Agong and Sultan of Selangor, held in conjunction with the First Couple’s official visit to the state.
Top investment destination
Khalid said the state’s citizen-centric economic policy called Merakyatkan Ekonomi Selangor (MES) had carried out various welfare programmes so that people could benefit from the state’s development.
He said under the policy, launched during the first 100 days of taking power in March 2008, every Selangor citizen regardless of race, religion or political leaning was eligible to get financial assistance, which has so far totalled half-a-billion ringgit. This includes free water to every household for first 20 metre cubicles (RM387 million), the Heritage Fund scheme (RM1.8 million), financial gifts for students who gain university entry (RM19 million), the Elderly and Disability Scheme (RM49 million), and the Rural Micro Credit and Urban Poverty scheme (RM2 million).
Khalid also expressed satisfaction at Selangor’s continued popularity as a domestic and international investment haven.
He said between January and June this year, the state received RM5.2 billion in investment, including RM3.1 billion in foreign investments.
“Selangor is at the top spot of investment received across the country,” he said, adding that investments had spurred 89 new projects and created 10,000 jobs.
“Selangor is also proud to be biggest income tax contributor for the country, at 21 percent in 2010, and we expect the same or bigger figure this year,” he pointed out.
