PUTRAJAYA has left out the middle-income earners as well as the small- and medium-size enterprises in its extension of additional cash aid, DAP chairman Lim Guan Eng said.

In a statement, the Bagan MP said Prime Minister Ismail Sabri Yaakob should not allow Tenaga Nasional Bhd to increase electricity tariffs from next month.

Lim said there was no reason to hike the tariffs as TNB’s net profit had risen to RM3.66 billion in December compared to RM3.59 billion in 2020.

The, he said, clearly showed that TNB was in a position to absorb rising gas and coal prices.

He said yesterday’s announcement also did not mention a price stabilisation fund or buffer stockpile of essential commodities to cope with escalating prices of goods.

“The lack of a well-thought-out plan does not bode well for investor confidence already battered by the 2022 International Institute for Management Development (IMD) World Competitiveness Ranking (WCR), down by seven positions from 25th in 2021.

“This is reflected in the downward spiralling of share prices and decline in the value of the ringgit against our major trading partners, the United States and Singapore, to near historic levels, putting further pressure on imported inflation,” said the former finance minister.

Yesterday, Ismail announced additional cash assistance of RM100 for per household and RM50 for single people in the B40 group. He said the government would maintain the subsidy for 1kg polybags of cooking oil but not the subsidy for bottled cooking oil effective June 30.

Lim said Putrajaya had failed to address the problem of acute workers shortage that caused by red tape.

“The acute workers shortage has adversely impacted all sectors from plantation to manufacturing to tourism and services industry.

“Not only have businesses been forced to close down, but many are refusing to accept new orders or operating at far below capacity, impacting on economic growth,” he said.

Lim said in comparison, Singapore, which had a GDP per capita almost five times that of Malaysia, had announced a S$1.5 (RM4.7) billion aid package, which is seven times more than Malaysia’s RM630 billion aid package. – June 23, 2022.