Sabah has only 1.6 billion RM to spend, says Finance Minister

He says that the state's financial situation as of June 18, 2018 indicated that public funds amounted to RM 3.304 billion.

KOTA KINABALU: Sabah's Deputy Finance Minister Kenny Chua said the Sabah state government has only RM 1.6089 billion while the federal debt represent RM 3.8 billion. He said that the state's financial situation as of June 18, 2018, indicated that public funds amounted to RM3,3054 billion.

"Of this total, only 48.7%, or RM1.6089 billion, belongs to the state government of Sabah for the consolidated" The remaining 51.3%, or RM 1.66965 billion, are held in Trust for the consolidated trust account and therefore can not be spent by the government, "said Mr. Chua in a statement released tonight.

Luyang Secretary-General Phoong Jin Zhe asked the Chief Minister, Mohd Shafie Apdal, to indicate the current financial situation of the state government.

In his response to the meeting Thursday, the Chief Minister According to the Ministry spokesman, the government of the State had no arrears of repayment of loans to the federal government.

He said that the state was studying the best way to settle the obligation of RM 1 billion that needs to be 2019.

Shafie said that the debts of the state government consisted of federal government loans totaling RMB 2,871 billion and bonds issued at RM 1 billion.

However, the Chief Minister said He said that the state government had allocated RM150.7 million annually for loan payments to the federal government over a 20-year period at interest rates zero for loans that would be used for projects that benefit people, such as the management of water supply and sanitation; In addition, he said the state government would continue with efforts to claim 40% of Sabah's net revenues from the federal government as a special grant for the Sabah project. the state, in accordance with the rights of Sabah under the constitution.

The Chief Minister said that the matter was being studied and, if necessary, the previous Sabah Special Grants Review Committee would be relaunched to allow negotiations between the state and the federal government to resume [19659004] The state government will also continue to negotiate with the federal government to revise oil royalties, so that they spend 5% to 20%.

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