'Stubborn' Guan Eng spooking investors on national debt - Umno

Finance Minister Lim Guan Eng's insistence about the national debt allegedly reaching RM1 trillion is impacting investor confidence, the capital market and the nation's finances, Umno said.

In a statement today, the Umno strategic communications unit said Lim's "very stubborn" stance on the matter is also causing the country losses.

"The finance minister's statement regarding the RM1 trillion debt is extremely confusing and has implications on investor confidence, the capital market and the country's finances.

"This is reflected in the downward trend of the Bursa Malaysia, of late.

"Credit rating agency Moody's announcement that Malaysia's debt remains at 50.8 percent from its GDP is consistent with the country's debts and its ability to repay debts, before the 14th general election," the Umno statement said.

"Lim Guan Eng continues to be stubborn about the country's debt and is paying attention to matters other than the GDP, strengthening the economy and the country's finances, and this is causing the country losses."

Yesterday, former prime minister Najib Abdul Razak accused the Pakatan Harapan government of misleading the public on the debt-to-GDP ratio of the country, citing Moody Investor Service's latest report that said the debt ratio remained at 50.8 percent, as opposed to 80.3 percent claimed by the Harapan government.

Lim then shot back at Najib, who was also the former finance minister, by asking the latter to not "hide behind definitions" to mask the real situation.

The minister reiterated that the RM1 trillion figure was made up of both debts and liabilities. - Mkini