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Saturday, November 30, 2013

DO YOU BELIEVE that our country's debt is under control?

DO YOU BELIEVE that our country's debt is under control?
According to deputy Finance Minister Ahmad Maslan, the country's debt is still “under control” despite now standing at 53.6 percent, 1.4 percent shy from 55 debt ceiling against Gross Domestic Product (GDP) as of September 30, 2013.
However, how many Malaysians will take his word?
“He chose the number he wanted. He compared for example with Singapore that also has debt, but he never mentioned Singapore has surplus. If I have a debt of RM1, 000 and my income is RM10, 000, it is ok. But if I only have an income of RM800, and every year there is RM5000 debt, that’s a problem,” chided Anwar Ibrahim, the opposition leader in parliament today when asked on Ahmad’s response.
Anwar said BN leaders must know the basic of the economy before commenting on financial matters.
“Debt is not a problem if we have a surplus. But since we are already 15 years in deficit, then we are still borrowing, this means our deficit continues to grow.
That’s what we oppose. It is a problem when the government picks one number and left out the number,” he chided.
Prime Minister Najib Razak had earlier insinuated that the country’s financial position is weak when he was explaining why Goods and Services Tax must be implemented.
He said Malaysia would soon face bankruptcy if GST plan is scrapped. - Harakadaily

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