RM550 million boost for transport trust fund

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RM550 million boost for transport trust fund

Postby admin » Wed May 28, 2008 2:00 am

KUALA LUMPUR: A total of RM550 million has been channelled to the Public Transport Trust Fund to improve the country's public transport system.

Prime Minister and Finance Minister Datuk Seri Abdullah Ahmad Badawi said the fund focused on improving public transport system integration, improving the quality of service, coverage and frequency and loan disbursements towards these goals.

Another RM498.77 million had been spent on improving the system.

Abdullah said the money came from the RM1.4 billion the government had accrued when it docked fuel subsidies in 2006.

The remainder of the savings would be channelled into the trust fund next year.
He said this in his written reply to Pas member of parliament for Kubang Kerian Salahuddin Ayub.

Abdullah noted that the final value of the savings went down from the initial RM4.4 billion projection due to the swift rise in global crude oil prices that year from US$61 a barrel in early 2006 to US$74 a barrel by December the same year.

The prime minister said the country's total expenditure on subsidies for petrol, diesel and liquid petroleum gas between 2000 and last year was RM37.4 billion, not including RM48.8 billion lost in tax revenue.

Subsidies for this year are projected to hit around RM18.31 billion, based on the global crude oil price average of US$105 per barrel.

However, Abdullah said the government expected the figure to increase as global oil prices had already breached the US$130 mark.

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