MORE is expected from Prime Minister Datuk Seri Anwar Ibrahim in addressing the financial state of the nation for this has serious impact on all Malaysians both now and in the future.
This comes about as Anwar who is also the Finance Minister has failed to reduce Malaysia’s federal government debt which might have increased from RM1.2 tril in January 2023 to RM1.5 tril in July 2024 while there is no indication if the RM1.5 tril includes other liabilities, according to lawyer Charles Hector.
“It seems that Malaysia’s federal government debt has been increasing since Anwar became PM and Finance Minister (on Nov 24, 2022),” observed Hector who is also a human rights activist in his latest blog.
The Malay Mail reported on Oct 7, 2022 that total government debt and liabilities as of June that year was estimated to be at RM1.42 tril and would rise further the following as the then PM Datuk Seri Ismail Sabri Yaakob’s administration tabled a deficit Budget 2023, the biggest federal spending plan to date.
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Subsequently, Anwar had on Jan 17, 2023 mentioned that the federal government debt stood at RM1.5 tril of which debt alone amounted to RM1.2 tril but became RM1.5 tril if liabilities were added.
“What is the truth (then)? What is the Malaysian federal government debt? The additional liabilities must also be explained,” contended Hector.
“Some say these are federal government guarantees when others borrowed monies; therefore, please furnish the details, Mr Finance Minister Anwar Ibrahim.”
On the same note, Hector further queried Anwar if he has failed to reduce the federal government debt since January 2023.
“Has the debt level increased? If so, shouldn’t you resign by bringing in a more competent Finance Minister?” asked the co-founder of NGO Malaysians Against Death Penalty and Torture (MADPET).
For clarity and to erase confusion, Hector has framed the following questions for Anwar:
- What is the amount of the federal government debt vs the amount of federal government debt (plus liabilities)?
- Do the liabilities include government guarantees for the loan taken by other entities like 1MDB (1Malaysia Development Bhd) etc? If not, what is the amount of government guarantees for loans taken by others (kindly state who did the government stand as guarantors for and what are the amounts).
“Besides federal government debts and liabilities, Malaysians deserve to know details of these debts (and liabilities), too. Are the PN (Perikatan Nasional)-governed states in a better position than the PH-BN (Pakatan Harapan-Barisan Nasional)-governed states?” Hector further asserted.
“Now, Malaysia is in a very precarious financial position for besides the federal government debt (plus liabilities) and government guarantees, ordinary Malaysians have also to contend with personal debts whereby the household debts were reported to be about RM1.53 tril in 2023 which is deemed very high for a country with a population of about only 30 million.” – Focus Malaysia
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