20100407 0930 Malaysian Economic News.

The central bank has told the government the country’s 2010 economic growth can exceed the current forecast by as much as 2.0% through the “right policy intervention,” Prime Minister Najib Razak said. Gross domestic product can expand by 1-2% more than the central bank’s March forecast of 4.5-5.5%.

• Measures including developing the Islamic finance industry will aid growth, he said, adding that the government will probably sell Shariah-compliant global bonds denominated in dollars. (Bloomberg)

Implementation of the rice subsidy programme (Subur) has been temporarily postponed to enable the re-checking and verification of the list of poor in the e-Kasih system, said Agricultue and Agro-based Industry Minister Datuk Seri Noh Omar. The step was taken following complaints and grumbling by people who said that the list of the poor in the e- Kasih system did not include all who were qualified.

• “To date, we have received applications from 216 MPPP areas involving 450,296 families and this will reach up to 500,000 families after six more areas send in their lists. Meanwhile, the government had made available about RM50m a month to provide rice subsidy to those who needed it by supplying 55,000 tonnes of Super Tempatan rice with 15%t broken grain (ST15) throughout the country to ensure the rice was sold at not more than RM1.80 per kilo,” he said. (Bernama)

The new salary scheme and allowances for nearly 2,000 postmen and postal clerks nationwide so as to be in line with that enjoyed by other civil servants, will take effect in July. The salary restructuring exercise would also be supported by the increase in the stamp price and parcel delivery charges, effective from July.

• The price for domestic postage stamps for standard mail weighing up to 20gm will be revised from 30 sen to 60 sen and for up to 50gm, it will be revised from 40 sen to 70 sen. People can still use the aerogram which will not be more than 30 sen. 
• The government will also consider only a slight increase or no increase at all for postal delivery of books and magazines so that the public will not have to incur a high cost in acquiring educational materials. However, the increase is not applicable for nonstandard mail above 100gm up to 2kg, PO Box, locked bag and window delivery. (Bernama)

A total of 269 projects worth RM6.46bn have been proposed for implementation in Perlis for the 10th Malaysia Plan (10MP). Menteri Besar Datuk Seri Dr Md Isa Sabu said the agricultural sector had the most with a total of 102 projects (cost RM2.2bn), followed by 64 projects for infrastructure and public amenities (RM1.59bn), 16 commercial and industrial projects (RM1.77bn), 28 local government projects (RM388m), 16 tourism projects (RM277m) and 23 social projects (RM202m). (Bernama)

Pasar tani traders are drawing income of RM3,000 monthly, thanks to the Federal Agricultural Marketing Authority (Fama). "This is more than what most civil servants make. It places over 17,000 pasar tani traders above the poverty line," chairman Datuk Badruddin Amiruldin said.

• Some RM490m sales were recorded from 364 pasar tani last year. Fama hopes to open 100 more pasar tani by year end involving 20,000 traders with sales estimated at RM800m annually. (Bernama)

The biggest beneficiaries of the New Economic Model (NEM) will certainly be the bottom 40% income earners now taking home less than RM1,500 per month, according to economist Datuk Dr Norraesah Mohamad. These include the lower-rung policemen, soldiers and municipal workers and ordinary people who are employed. (Bernama, Malaysian Reserve)

Malaysia will “most probably” issue a sukuk bond denominated in US dollar this year to test its financial standing in the world market, the PM Datuk Seri Najib Razak said. “We don’t actually need it. There is enough liquidity domestically for us. But this could be a good opportunity to see how the market rates Malaysia,” he said. (NST)