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No more funding for GLCs

by | Jun 27, 2024 | NATIONAL, NEWS, Opinions | 0 comments

BY: MARY KWAN

Many Malaysians believed it was about to happen, and when the Sarawak state government announced there will no longer be funds made available to Government Linked Companies or GLCs, they sang praises and heaved a sigh of relief.

Malaysians have all along had an axe to grind with GLCs because they performed badly and were often seeking bailouts, thus causing the wealth of the nation to be bled dry by what were basically companies that were incompetent.

The brave and bold decision by the Sarawak state government to stop funding GLCs from the year 2027 is being watched and monitored closely by other state governments and the federal government.

The Sarawak Premier has instead given GLCs in the state a timeframe by which they (the GLCs) will have to find their own revenue and, what was more important, was for these GLCs to fare better and to be independent of handouts.

Independent analysts contend that other states are expected to follow the decision by the Sarawak state government as many Malaysians complain over the effectiveness and even the necessity of having these GLCs.

Government Linked Companies have long been a bone of contention as, though they were established and set up to give opportunities to Malaysians, many have been faring badly and are considered basket cases.

-THE MALAYSIA VOICE

** The views expressed on this opinion is of the writer and not the publisher

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