Prime Minister Datuk Seri Najib Razak must explain how he plans to cut state subsidies, broaden its tax base and manage spending 'prudently' to avoid Malaysia’s credit rating from being cut by Fitch Ratings.
Fitch Ratings had cut Malaysia’s credit outlook from stable to negative in July, citing rising debt levels and a lack of budgetary reform.
At 53.3%, Malaysia's debt-to-gross domestic product(GDP) ratio is the highest among 12 emerging Asian markets after Sri Lanka. With government guarantees, the government's credit exposure was 70.2% of GDP as of the end of the second quarter, up from 66.6% a year earlier.
Malaysia household debt to GDP ratio is even higher at 83% as at 2013, up from 66.7% in 2004, the second highest in Asia.
We the ordinary people will have to pay an extra RM1,000 a year
Is Najib talking about further increase in petrol, sugar and food prices when he talked of cutting state subsidies? Is Najib going to implement open competitive tenders to cut down crony capitalism when he talked of managing spending prudently?
Promises of managing spending prudently is meaningless when no action or punishment is meted out against those responsible for the excesses, wastage and financial wrongdoings amounting to RM6.5 billion that were highlighted in the 2012 Auditor-General Report with a negative impact on the economy.
When Najib talks about broadening the country’s tax base, is he talking about imposing Goods & Services Tax of 7% that Minister in the Prime Minister Department Datuk Seri Idris Jala announced would bring in RM27 billion a year?
This would cost each of the 28 million Malaysians an additional cost burden of an average of RM1,000 a year.
Malaysia already red-flagged by the West as an economic bubble
Najib has a responsibility to clarify what he meant, especially when the BN Federal government has failed to fight corruption until Washington Post printed an article of Malaysia as the world champion of corruption.
Even renowned financial analyst Jesse Colombo wrote in the Forbes online magazine that Malaysia economic bubble will burst due to Malaysia's high government and household debt.
Interestingly, Colombo said that plans to build the tallest building in Southeast Asia, the 118-story and RM5 billion Warisan Merdeka Tower, is a major Skyscraper Index red flag.
The Skyscraper Index red flag refers to a Dresdner Kleinwort report in 2009 which showed a correlation between the construction of the world’s tallest buildings and the impending end of business cycles.
LIM GUAN ENG
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民主行动党秘书长及峇眼国会议员林冠英于2013年10月16日在吉隆坡发表的文告。
在无法阻止贪污之下,首相必须解释如何减少国家津贴、扩大税收及“谨慎地”处理政府开销,以避免马来西亚在惠誉国际的信用评级中遭到降级。
首相必须解释如何减少国家津贴、扩大税收及精明的处理政府开销,以避免马来西亚在惠誉国际的信用评级中遭到降级。今年7月,惠誉国际评级已经将大马的信用前景从稳定降为负面,主因是债务上升及缺乏预算改革。
马来西亚的债务已经占了国民生产总值(GDP)的53.3%,是亚洲12个新兴市场当中属最高的债务比例,只仅次于斯里兰卡。若包括政府的担保债务计算在内,在今年第二季,政府所背下的债务更是从1年前占GDP的66%上升到70.2%。至于大马的家庭债务更是从2004年占GDP的66.3%上升至2013年的83%,家庭债务成长亚洲第二高。
当纳吉声称要砍国家津贴的时候,他是否意味着将再次要调高汽油、食糖及食物的价格呢?当纳吉声称要谨慎开销的时候,他是否将会施行公开竞争招标以减少朋党式的资本主义呢?
当2012年总稽查报告揭发无节制、浪费及财务犯错所导致的65亿令吉损失的时候,那些负责人却没有受到任何对付或惩罚, 所谓“谨慎地”处理开销,根本是毫无意义的承诺。
当纳吉说要扩大国家税收,他是否意味着要实行首相署部长伊德利斯所说,每年带来270亿令吉收入的7%消费税?这项税务将导致2800万大马人每人每年额外增加1000令吉的金钱负担。
纳吉有责任澄清他到底是什么用意,特别是当国阵无法打击贪污,而被华盛顿邮报的文章冠上“大马贪污世界冠军”。甚至知名的财经专栏作家杰西哥伦布(Jesse Colombo)也在《财富》网上杂志撰文指出,大马高企的政府债务及家庭债务将导致大马的经济泡沫破灭。
有趣的是,哥伦布指建造楼高118层、耗资50亿令吉、东南亚最高独立遗产大楼,乃是摩天楼指数的红旗警号。摩天楼指数红旗警号是由Dresdner Kleinwort 2009年的研究报告所提出。该研究指出建造世界最高大楼与商业周期的即将终结往往相关联。
林冠英
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