PFI does not give loans, Dewan Rakyat told

comments     Bernama     Published     Updated

PARLIAMENT Pembinaan PFI Sdn Bhd (PPFI-Pembinaan Private Finance Initiative) does not give loans, but the company sources for funds to be channeled to the PFI Trust Account, which is under the Accountant-General’s Department, to finance development projects and programmes, the Dewan Rakyat was told today.

Deputy Finance Minister Chua Tee Yong said the process of acquisition, implementation and monitoring of the projects or programmes, including the appointment of contractors were fully handled by the Finance Ministry and relevant agencies based on existing government procedures.

Therefore, the issue on bumiputera companies getting PPFI loans does not arise, he added.

Chua was responding to a question from Mohd Ariff Sabri Abdul Aziz (DAP-Raub) who wanted to know the number of bumiputera companies which had obtained PPFI loans.

To another question, Chua said the funds obtained by PPFI from the Employees Provident Fund (EPF) and the Retirement Fund Incorporated (KWAP) were based on the Malaysian Government Securities’ (MGS) rate of between 3.8 and 4.6 percent.

Mohd Ariff also wanted to know the interest rate imposed by EPF and KWAP on loans given to PPFI.

- Bernama



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