Public Bank supports government's commitment to reducing budget deficit

PETALING JAYA: Public Bank Bhd founder and chairman Tan Sri Teh Hong Piow (pix) supports the government's firm and continued commitment to address the country's fiscal challenge by further reducing the budget deficit to 3.1% of gross domestic product, amid the more subdued growth in its revenue base.

He said the continued discipline in managing the federal government's operating expenditure should augur well towards the efficient utilisation of the government's income and strengthening its fiscal position.

"Faced with increased uncertainties and volatilities in the current economic and financial environment, we recognise that the crafting of Budget 2016 is indeed a challenging task as it requires a balancing act of sustaining economic growth and addressing issues of rising cost of living, while ensuring continued fiscal prudence," Teh said.

He said they welcome the government's pragmatic measures to support a sustainable economic growth.

Teh opined that the government's continued engagement on investing in large-scale and high-impact development projects, infrastructure spending, as well as measures in energising the small and medium enterprises should create multiplier effects that will bode well for the economy and build capacity for the future.