KUALA LUMPUR – Finance Minister Lim Guan Eng is bracing for the political cost he expects to incur when he tables an austere Budget 2019, one year after Malaysians enjoyed the “Mother of all Budgets”.
After repeatedly professing Malaysia’s “debt” to be over RM1 trillion, the Bagan MP is warning the country not to await the usual treats and handouts from years past.
“It is going to be a very difficult Budget. It is likely I will end up as the most unpopular finance minister because I have no goodies to give out,” he was quoted saying by the Malaysiakini news portal.
“So we are looking for sacrifices from Malaysians who are used to getting goodies and now suddenly are not getting goodies,” he said.
He repeated his assertion that the country’s “debt” was over RM1 trillion in the interview, and said this must be reduced.
Lim also said the government must prepare for the fallout of the US-China trade war, although he said this has proven beneficial to the country so far.
“We have actually received increased interest from investors, principally because Malaysia is seen as a safe harbour for both American and Chinese companies,” he said, but noted that this was likely fleeting.
He said his preparations were hampered by the irregularities he’s come across in the government’s accounts, such as the RM19.4 billion in tax refunds that he previously accused the Barisan Nasional of “robbing”.
Lim will table a deficit Budget on November 2.
Last year, predecessor Datuk Seri Najib Razak unveiled a RM280 billion election Budget, the largest in the country’s history.
– Malay Mail
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