WHO are sabotaging our economy, threatening the security of the country and causing hardship to the rakyat?
|Khairuddin and Chang are not PM and Finance Minister|
|Tun Abdul Razak, the Father of Felda|
No, they did not cause these terrible things. Mohd Najib did. I am not accusing him. He admitted it himself.
In a March 11 written parliamentary reply to the Selayang MP, William Leong Jee Keen (PKR), Mohd Najib admitted that Malaysia’s external debt had tripled under him – from RM196 billion in 2003 – when Tun Dr Mahathir Mohamad handed power to Tun Abdullah Ahmad Badawi and Mohd Najib became Finance Minister - to RM740 billion in the third quarter of 2014. Never mind the “new definitions” but debt is debt. (He said it here).
Government debt had hit the ceiling of 55 per cent of the GDP. I am not making up stories. This was what Mohd Najib said in the same reply. Federal Government’s debt stood at RM582 billion or 54.5 per cent of the Gross Domestic Product (GDP), just 0.5 per cent away from the self-imposed 55 per cent ceiling. Of the total, 97.1 per cent or RM566.1 billion was domestic debt, while the balance of RM16.8 billion or 2.9 per cent was in offshore loans.
In its Nov. 14 issue, the Economist magazine notes: "Malaysia’s banks have lots of foreign liabilities and its households have the highest debt-to-income ratio of any big emerging market; its cushion of foreign-exchange reserves looks thin and its current-account surplus is forecast to shrink."
Our Moral Malady
Did Khairuddin, Chang and the rest of the people who want Mohd Najib ousted cause the ringgit to fall so badly that Bank Negara is forced to accept the US dollar in the inter-bank deposits?
Reports say Bank Negara did that, for the first time, in September in an attempt to try to slow down the ringgit slide. Under Mohd Najib’s watch, the ringgit has become Asia’s worst performing currency. I am not making this up. The Bloomberg news service says it. Mohd Najib should sue Bloomberg.
Khairuddin and Chang and the millions of Malaysians who want Mohd Najib to resign did not cause the political crisis that led to the loss of confidence in the economic management of country.
Ineptitude Sabotages the Economy
|Hasan, the new PAC Chairman should stop jesting around|
He has a case to answer.