Selangor Reserves has Almost Reached RM3 Billion

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PORT KLANG, August 4: The latest financial report from the Selangor State Government Treasury Department shows that the Selangor State Government reserves have continued to increase from RM2.7 billion previously to almost RM3 billion.

According to the Chief Minister, Tan Sri Abdul Khalid Ibrahim, the reserves will then be managed in accordance with the guidelines to be announced in the 2014 Budget in November.

“In the November Budget, we will explain how we administer the state reserves, and its use, if necessary.

“Only five years ago, we were busy ensuring our accumulated savings, this time, we have already accumulated savings and we can carry out several programmes to use it in a orderly and efficient manner,” said Abdul Khalid.

He said this after launching the Raya Jom Shopping (Let’s Go Shopping) Assistance Programme at the Econsave Supermarket here in Pandamaran.

Abdul Khalid said that at this point, the government has not set a target amount needed to be maintained in the State Government reserves.

Instead, according to him, the amount of reserves will depend on current economic situations.

“It depends on the situation of the state economy, if the economy picks up, the state revenues will increase and definitely, state savings will increase.

“The economy is volatile, if the economy is down, we can use this reserves to assist the State Government in administration,” added Abdul Khalid.

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