Upcoming 2019 Budget To Benefit Labuan, Says Deputy Finance Minister

Amiruddin, left, with Danial Mah at the Labuan Airport. The deputy Minister believes Labuan’s oil & gas sector will soon pick up with increasing worldwide prices.

LABUAN: The Pakatan Harapan government’s first budget on Nov 2 will focus on trickling down the country’s economic growth to the people, especially for those in the bottom 40 per cent of household income group.

Deputy Finance Minister Amiruddin Hamzah said the trickle-down effect was crucial to ensure people at all income levels would enjoy the benefits of the country’s growth and development.

“The upcoming budget will focus on ensuring the cake of economic development can be equally shared by all people,” he told reporters after the annual Labuan Industrial Dinner on Friday.

Amiruddin said the government would also focus on sustainable economic growth in its budget to create long-term and sustainable employment opportunities.

“Certainly the budget will also take into account the importance of proactive economic measures to ensure that the inflation rate is manageable and limit its impact on the people’s wellbeing,” he told reporters after attending the annual Labuan Industrial Dinner Friday night.

Amiruddin also hinted Labuan being heavily-dependent on the present slowdown oil and gas sector might also receive the allocation from the total budget presented.

“Prior to this, we probably see the large portion of the O&G big companies which have been in ‘silent mode’ during the fall of global crude oil prices.

“However the downtrend has gradually improved with the oil price already hit $US80 per barrel and expected to surge $US100 per barrel.

“I was told, the scenario will soon change with ‘men in overalls of different colours, blue, red or orange’ will come back here and this will be good news to Labuan,” Amiruddin said.