KUALA LUMPUR — Malay supremacist group Perkasa today urged Putrajaya to pump RM1.4 trillion into the Bumiputera community to ensure the success of the revamped New Economic Model (NEM) announced by the prime minister last week.
Among others, the fiscal injection includes the formation of another iteration of asset manager Permodalan Nasional Berhad (PNB), under which non-core government-linked companies (GLC) should be placed for the benefit of the country’s dominant community.
“In three months’ time, Perkasa will deliver a second memorandum in the form of suggestions to make sure every aspect to empower Bumiputera will really succeed,” Perkasa president Datuk Ibrahim Ali told reporters after its economic bureau’s discussion on the NEM here.
The memorandum will include details of other suggested measures to be executed with the RM1.4 trillion injection.
The suggestions, Perkasa said, aim to increase of average Bumiputera gross national income (GNI) from RM56 billion to RM900 billion by 2020.
The group did not explain how Putrajaya is expected to provide for such a large infusion, given that the country’s annual Budget was RM252 billion for the entirety of 2013.
And despite Putrajaya’s ballooning debt and deficit, Ibrahim said he believed the government could afford the massive amount if it spends prudently.
Ibrahim claimed that by implementing good governance and addressing any wastage and leakages, the government could then funnel the savings towards the Bumiputera.
“The first thing government should do is to make people happy ... Don’t make the deficit issue a barrier to make the public happy,” Ibrahim added.
“Even if we add a bit more debt, Allah has made our country special compared to other countries ... We still have much (natural) resources.”
Malaysia’s deficit has already widened to RM14.9 billion, and runs a relatively high government debt of 53 per cent of gross domestic product (GDP) in addition to one of Asia’s highest household debt levels.
Putrajaya is also aiming to trim its deficit to 3 per cent of the GDP by 2015 and achieve a balanced budget by 2020.
On Saturday, Prime Minister Datuk Seri Najib Razak had detailed a far-reaching New Economic Model that is set to offer the dominant Malay community access to tens of billions in aids and contracts.
In a high-profile announcement, Najib trotted off a list of over RM31 billion in various loans, contracts and programmes that will be made available to the group, with the stated aim of strengthening Bumiputera economic participation and boost their ownership of commercial property.
Last week’s firm commitment towards uplifting the lot of Malay community—which Najib described as integral in charting the country’s fortunes—follows recent criticism against the Umno president for failing to fully acknowledge the support the group had extended to the ruling Barisan Nasional during the recent general election.
Perkasa also told Najib today to not be apologetic over the New Economic Model (NEM) as it is the government’s obligation to repay the Bumiputera for their support in the recent general elections.
Malay Mail
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