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Author: savemalaysia   |   Latest post: Wed, 14 Nov 2018, 06:17 PM

 

Dr M: IMF now recognises Malaysia’s unorthodox approach to Asian financial crisis

Author: savemalaysia   |  Publish date: Wed, 14 Nov 2018, 06:17 PM


SINGAPORE, Nov 14 — The International Monetary Fund (IMF) recognises the somewhat unorthodox measures Malaysia took during the 1997/98 Asian financial crisis to insulate the economy and the ringgit against further speculative attacks by unscrupulous hedge funds and currency speculators.

“She knows about our past relations with IMF and she says they are not like that now,” Prime Minister Tun Dr Mahathir Mohamad said when asked on what transpired during a courtesy call from IMF chief Christine Lagarde. 

Although the IMF and western governments and agencies had criticised Malaysia for imposing capital controls, the world body now knows the measures helped the economy to recover within a relatively short period of time.

Unlike Indonesia, which was forced to accept financial aid from IMF which led to the ouster of the then President Suharto, Malaysia went it alone and in the process protected its political sovereignty.

The recognition is evidenced by the Washington-based IMF’s interest in wanting to know what the government is doing currently to rehabilitate the country and combat corruption with anti-corruption strategies.

“She is very interested in what we are doing to rehabilitate the country, including our anti-corruption strategies. She says she will like another time perhaps for a longer discussion (on the anti-corruption strategies),” said Mahathir. — Bernama

 

https://www.malaymail.com/s/1693396/pm-imf-now-recognises-malaysias-unorthodox-approach-to-asian-financial-cris

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Alex™ ini betui kah? already kena capital control one time, why foreign fund want play fire invest in msia again?
14/11/2018 23:31
speakup if endorsed by IMF, Tun M should impose capital control again. Our ringgit is spiralling out of control, now already RM4.20 to US$1
15/11/2018 10:03
speakup Tun M should peg the ringgit at RM3.20 to US$1
15/11/2018 10:03

10pc salary cut for ministers will remain, says Guan Eng

Author: savemalaysia   |  Publish date: Wed, 14 Nov 2018, 06:17 PM


KUALA LUMPUR, Nov 14 — Finance Minister Lim Guan Eng said today the salary cuts of federal ministers and their deputies will remain in place as the 10 per cent reduction will be channelled into government coffers.

He said the conclusion of Tabung Harapan Malaysia (THM), which will close on December 31, will not affect the salary cut.

"The deduction of ministers’ salaries will continue even though THM is closed because the cut in salaries doesn’t go into THM but goes straight to government coffers.

“Whether there is any stop to the cut, it is not up to me to decide I have not received any instructions.

“There is no good news for the ministers and the deputy ministers,” Lim joked when met by reporters in the Parliament lobby today.

In May, the Cabinet agreed to reduce ministers’ salaries by 10 per cent to reduce government expenses.

Meanwhile, the Bagan MP said there is no need to calibrate the 2019 Budget despite the uncertainty over the crude oil price.

"At the moment, no. We have to look at the plus and minuses.

“At the same time, it would also benefit us as we do not have to give too much to petrol subsidies. So there are both positives and negatives.

“Got to look at it in total,” he said.

Lim was responding to former prime minister Datuk Seri Najib Razak who said the Pakatan Harapan government should recalibrate the 2019 Budget if the price of crude oil continues to drop.

 

https://www.malaymail.com/s/1693421/10pc-salary-cut-for-ministers-will-remain-says-guan-eng

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Alex™ after cut still RM80k per month? still way better than normal working class ppl...work one year also dunno can beat their 1 month salary
14/11/2018 23:29
speakup 10% cut is not enuf! Should cut 25%! Median rakyat income in malaysia only RM2k/month, so earning 80k is already 40X more than the median rakyat!
CUT 25%!
15/11/2018 09:27
speakup https://says.com/my/news/half-of-malaysians-are-still-earning-below-rm2-000-a-month
15/11/2018 09:28
speakup https://www.thestar.com.my/news/nation/2018/11/15/3-out-of-10-working-msians-had-to-borrow-money-for-essential-goods/
malaysians are suffering as Nobita guan eng bask in money
15/11/2018 11:15
apolloang not 50% cut ar? hehe
15/11/2018 11:16

Najib asks govt to maximise 1MDB asset value to make profits

Author: savemalaysia   |  Publish date: Wed, 14 Nov 2018, 06:16 PM


KUALA LUMPUR, Nov 14 — Datuk Seri Najib Razak today said that 1Malaysia Development Berhad (1MDB) would be able to make profits if the Pakatan Harapan (PH) government strives to develop and maximise the value of the company’s assets, such as the Tun Razak Exchange (TRX), Pulau Indah and Bandar Malaysia.

The Pekan Member of Parliament said such efforts need to be implemented, besides holding friendly negotiations to get back the allegedly missing funds. 

"If implemented with positive measures to maximise its asset value, 1MDB will be able to make profits even after settling their debts,” he said when debating the Supply Bill 2019 at the Dewan Rakyat here today.

The former prime minister also questioned the government’s refusal to disclose all documents relating to 1MDB deal with International Petroleum Investment Company (IPIC) to the public, saying that the disclosure of the documents would prove that Malaysia’s assets are still intact.

“Two weeks ago, PH issued a statement saying that they wanted to cancel the settlement deal with IPIC and would not be paying the remaining US$4.5 billion (RM18.8 billion) allegedly owed to IPIC.

“It’s weird when the IPIC replied and clearly said that 1MDB did not owe them anything, as if they were saying that the PH government was lying,” Najib said.

Prior to this, Finance Minister Lim Guan Eng was reported as saying that the government could not disclose the documents relating to the settlement deal between IPIC and 1MDB as doing so would be sub judice as the matter is now with the courts. — Bernama

https://www.malaymail.com/s/1693417/najib-asks-govt-to-maximise-1mdb-asset-value-to-make-profits

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PAC wraps up GST refunds probe, Guan Eng last witness called

Author: savemalaysia   |  Publish date: Wed, 14 Nov 2018, 06:16 PM


KUALA LUMPUR, Nov 14 — Parliament’s Public Accounts Committee (PAC) has concluded its probe into the missing RM19.4 million Goods and Services Tax (GST) refunds and will table a report either by the end of the current sitting or early next year.

Its chairman Datuk Seri Ronald Kiandee said the committee will meet to gather the evidence and documents presented to them since last month.

"We have called our seventh witness today, Finance Minister Lim Guan Eng, and we would like to table the report as soon as possible.

“If we can do it before the end of this session, we will definitely do it; otherwise, it will be early next year,” he told reporters after the PAC proceeding in Parliament, here, today. The current session ends on December 11.

 

https://www.malaymail.com/s/1693398/pac-wraps-up-gst-refunds-probe-guan-eng-last-witness-called

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Morgan Stanley : Lower oil bad for Malaysia, good for Indonesia

Author: savemalaysia   |  Publish date: Wed, 14 Nov 2018, 05:02 PM


SINGAPORE (Nov 14): Malaysia could see negative impact from lower oil prices as the 2019 budget had factored in oil at $70 per barrel, Morgan Stanley analysts led by Sean Gardiner write in a note.

* Indonesia could see some current account reprieve as Brent prices have fallen 25% from their October peak to $65.35 per barrel. Oil and gas imports amounted to almost $4b in 3Q as oil prices rose towards $85/barrel, which added upward pressure on the Indonesian current account deficit 

* Philippines could also see positive impact as rising oil prices had been one of three sources of inflation

 * Morgan Stanley sees neutral impact on Singapore, where banks have “worked through most of oil related credit quality issues” from 2015/2016; offshore and marine companies could see near-term pressures

* In Thailand, refiners could benefit on supply constraints but chemical shares are still facing excess supply 

 

http://www.theedgemarkets.com/article/morgan-stanley-lower-oil-bad-malaysia-good-indonesia

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qqq3 Malaysia economy next year will be resilient because of the $40 billion tax and GST refunds.......good thing.

maybe time to disband the complicated subsidy schemes.
14/11/2018 17:14
speakup hope govt take another rm30Billion from petronas next year.
14/11/2018 17:24
qqq3 speak...u can forget about OG stocks.....go buy eggs and gloves.
14/11/2018 18:03

PM shoots down claims RM30b payout will affect Petronas’ operations

Author: savemalaysia   |  Publish date: Wed, 14 Nov 2018, 04:31 PM


SINGAPORE, Nov 14 — Prime Minister Tun Dr Mahathir Mohamad rejected claims that Petronas’ RM30 billion special payment to the government would affect its operations.

“Petronas wouldn’t give the money if it affects their operations. They are able to spare the RM30 billion.

“They used to give us RM80 billion at the time when the price of oil was at US$120 (per barrel)... what is RM30 billion? RM30 billion is because the price of oil is at US$70 per barrel,” he said when asked on the effects of the payment on Petronas’ operations.

He was speaking to the media on the sidelines of the 33th Asean Summit here, today.

Dr Mahathir reiterated that Malaysia is not dependent on oil revenue.

“I have already pointed out to them that 80 per cent of exports are manufactured goods and not oil. We are not dependent on oil,” he said.

Finance Minister Lim Guan Eng in the 2019 Budget announced early this month said Putrajaya is expecting to receive revenue of RM261.8 billion next year, including a one-off special dividend payment of RM30 billion from Petronas.

This will push Petronas’ total dividend commitment to RM54 billion to help the government in the repayment of the Goods and Services Tax and income tax refunds of RM37 billion. — Bernama

 

https://www.malaymail.com/s/1693366/pm-shoots-down-claims-rm30b-payout-will-affect-petronas-operations

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