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From RM1.15bil to RM50mil?: Guan Eng questions Penang's steep reserve drop | Scoop
Lim Guan Eng raises concerns over the dramatic decline in Penang's state reserves, questioning the reasons behind the significant drop despite strong economic growth. - Bernama file pic, November 26, 2024
News

From RM1.15bil to RM50mil?: Guan Eng questions Penang’s steep reserve drop

He argues numbers don't add up amid robust economic performance

Main Author Image
R. Dineskumar
Updated
5:35 PM MYT

 

GEORGE TOWN – Lim Guan Eng has called on the Penang state government to explain the dramatic decline in the State Consolidated Fund, which fell by RM1.1 billion over five years despite the state’s strong economic performance.

Lim (Air Putih – PH) noted that Penang’s economy had recorded impressive growth, achieving RM116 billion in gross domestic product (GDP), maintaining controlled inflation, attracting substantial investments, and enjoying a favourable trade balance.

However, the state’s reserves in the Consolidated Fund have plummeted from RM1.15 billion in 2019 to just RM50 million this year.

“This RM1.105 billion decline over just five years cannot be explained simply by the Covid-19 pandemic year,” said Lim, a former chief minister who led the state from 2008 to 2018.

“What is the reason that good economic growth could not contribute additional revenues to the state government?” he asked during the debate on the state’s 2025 supply bill in the legislative assembly.

Lim highlighted that prior to 2019, Penang’s economic growth consistently generated surpluses, with the Consolidated Fund peaking at RM2.1 billion in reserves.

2025 Budget Concerns

Last Friday, Chief Minister Chow Kon Yeow tabled a RM940.2 million budget for 2025, slightly lower than this year’s RM1.047 billion. The budget includes a record-low deficit of RM33.6 million, down from RM514.5 million this year.

The deficit is projected to remain minimal at RM34 million in 2025, thanks to a 10.2% reduction in state spending and a targeted 70% increase in state revenue, amounting to RM374 million.

Lim, however, cautioned against overly optimistic revenue projections, arguing that controlling expenditure is a more realistic strategy.

“Can an explanation be given on how such a revenue increase can be achieved, especially on the source of the revenue increase?

“The (target) for revenue increase is slightly misguided. The chief minister’s concern about the risk of depletion of the Consolidated Fund’s balance for 2025 would become a bitter reality,” he warned.

Special Financial Zone Proposal

Lim also urged the Penang government to expedite the establishment of a Special Financial Zone (SFZ), a proposal he had presented in Parliament last year, which remains under consideration.

He criticised the delay caused by ongoing research by the state-owned Penang Institute, which has yet to conclude after a year.

“The benefits of having an SFZ in Penang—such as increased investment, high-paying jobs, advanced financial technology, and infrastructure development—are obvious.

“Look at the Johor Bahru SFZ proposal, which moved forward without requiring any research,” Lim said.

He called on the state government to request immediate approval from the Ministry of Finance to implement the SFZ. – November 26, 2025

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