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Categories
| Danajamin to seal first guarantee next month |
| Politics & Government 2009 | |||
| Written by Yong Min Wei | |||
| Monday, 15 June 2009 23:42 | |||
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Danajamin expected to receive official applications from the companies by end of this month and the first guarantee agreement should be signed by next month, Finance Minister Datuk Seri Najib Razak said in a written reply. He said the companies were in the construction, property, industrial and service sectors. "Since May 15, 2009, all kinds of private companies have contacted Danajamin and several financial institutions to get advice on their bond issuance," he said in reply to Jeff Ooi (Jelutong–DAP). Ooi had asked the minister to state the full list of companies seeking guarantees for bond market issuance. However, Najib noted that only companies categorised as "investment grade" (rated BBB and above) and had fulfilled Danajamin's internal credit policies qualified for the financial guarantee. Danajamin has the capacity to guarantee RM15 billion worth of bonds. The institution aims to provide greater access for local companies to raise funds in the bond market. Following the written reply, Ooi said in a statement that the finance minister did not mention that the companies receiving Danajamin support would be published on a website for transparency purposes. He also asked if the stimulus packages unveiled in November 2008 and March 2009 had failed, as the finance minister told the Dewan Rakyat earlier today that less than one-sixth of the RM17 billion allocated for fiscal spending in the two packages had been spent. "This clearly shows the Implementation Coordination Unit (ICU) within the Prime Minister's Department must mobilise fast to fulfil the expectations of the "People First, Performance Now" motto," said Ooi.
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