Budget 2016 fails to address investor confidence in govt, says Umno veep

Umno vice president Datuk Seri Shafie Apdal said Budget 2016 does not focus on the fundamental issues that have affected investor confidence and trust in  Putrajaya, and which have contributed to the ringgit's fall and the economic slowdown. He said the government must take bold steps to place the economy in the best position, especially to regain investor confidence. "There needs to be bold moves so that the transformation structure can place the economy back in a strong position. "Faith and trust are fundamental issues. They have to be addressed," he told reporters when visiting Sekolah Kebangsaan Bangau-Bangau in Semporna, Sabah today. Budget 2016 was unveiled yesterday by Prime Minister Datuk Seri Najib Razak, who is facing scandals related to 1Malaysia Development Berhad (1MDB) and the RM2.6 billion donation deposited into his private accounts. Shafie is one of Najib's critics on the 1MDB issue. He and deputy Umno president Tan Sri Muhyiddin Yassin were both removed from the cabinet in a reshuffle in late July. The 2016 budget has been criticised by the opposition as having failed to deal with accountability, transparency and governance. They also said it failed to answer questions regarding the scandals. Shafie said the government failed to provide ways to face the global economic uncertainty that has caused the ringgit's poor performance and the economic slowdown. "There are only facilities, infrastructure and other needs, and what the people and states want. "But in the context of strengthening our economy in times of uncertainty, and how we should manage it, like dealing with the currency plunge, changing the structure of the Kuala Lumpur stock exchange... what is the approach? "Such matters must be looked into in the future," he said. – October 24, 2015.]]>