Malaysiakini News

Penang CM: Deficit budget will be supported by accumulated savings

Susan Loone  |  Published:  |  Modified:

Penang Chief Minister Lim Guan Eng said the proposed deficit of RM667.10 million in Budget 2017 will be supported by the state’s accumulated savings (reserves).

The DAP secretary-general was referring to the ninth deficit budget he tabled at the Penang State Legislative Assembly today.

Lim said the state government also estimated a deficit of RM230.31 million in Budget 2016 last year.

“However, the state recorded a surplus of RM71.78 million at the end of the 2015 financial year, and this contributed to the RM952.53 million in our reserves,” he said in his speech when announcing Budget 2017 today.

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