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Petroleum cash payments' reduction enables T’ganu to focus on helping people

KUALA TERENGGANU, April 29  -- The federal government’s decision to reduce the Terengganu petroleum cash payments from 25 per cent to five per cent as settlements for its debts leaves more room for the state government to help people affected by the COVID-19 outbreak and the Movement Control Order (MCO).

Universiti Sultan Zainal Abidin (UniSZA)’s Faculty of Business and Management’s dean, Associate Professor Dr Ahmad Azrin Adnan said among those who needed attention were those whose income adversely affected by the MCO such as private sector’s employees and self-employed as well as the Small and Medium-sized Enterprises (SMEs).

“The impact of the MCO on the people who cannot go out to do business should be minimised. This can be done by raising funds for the Terengganu stimulus package programme implemented by the state government to assist those affected as a result of COVID-19 and the implementation of the MCO which has now entered its fourth phase,” he told Bernama.

On Monday, Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar on his Facebook page announced that the federal government has agreed to reduce the Terengganu government’s petroleum cash payments to five per cent from 25 per cent previously, as settlements for its debts for 2020.

Last year, the state government received RM1.277 billion in petroleum cash payments from the federal government, which was paid in stages from January to September.

Ahmad Azrin said the reduction could also help the state government to prepare for the post-MCO with the 'new normal'.

“One of the 'new normal' is continuing the practice of social distancing. In Terengganu the economy is largely contributed by the tourism sector which can only be mobilised when people return the state so one has to think how the tourism sector has to rise again in this 'new normal' situation,” he said.

He also said that the reduction was timely due to the fall in oil prices.

“The amount of petroleum cash payments that Terengganu received last year (RM1.277 billion) was when world oil prices at US$ 60 per barrel but now oil prices have fallen to about US$ 30 per barrel.

“So the amount received this year is estimated to be less than half of that received last year. Imagine if the federal government still maintain the 25 per cent reduction in petroleum cash payments, it would cause problems for the state government,” he said.

Meanwhile, a lecturer at the Faculty of Business, Economics and Social Development, Universiti Malaysia Terengganu, Associate Professor Dr Roshaiza Taha said the reduction would enable the state government to restructure its financial planning for 2020 following the outbreak of COVID-19.

“This year the state government should focus on the welfare of the people rather than state development. The people need to be helped to recover financially because some are losing their source of income and often these people have no savings even for the short term use.

“There are also other basic needs that can be added and expanded such as providing diapers and baby milk that the group desperately needs,” she said.

-- BERNAMA

 

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