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Malaysia needs political reconciliation in the economy to solve national debt issue — MP
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Publish date: Mon, 23 Oct 2023, 10:07 PM
KUALA LUMPUR (Oct 23): There needs to be political reconciliation in the economy to solve the national debt issue, said Paya Besar Member of Parliament (MP) Datuk Mohd Shahar Abdullah in the Dewan Rakyat on Monday.
He said the national debt should not be used as political capital to gain support, and pointing fingers will only push the country towards endless problems.
"All the parties in this House have had the experience of ruling the government. We know what actually happened and what actions have been implemented by the government to overcome all the crises and uncertainties of the global economy at that time.
"I am requesting the Ministry of Finance to hold an engagement session with all parties as soon as possible, whether in the government or the opposition, in restoring our economy. Our togetherness is the core of the success of recovery," said Mohd Shahar during the debate on the Supply Bill 2024.
He highlighted four main issues, namely the most accurate way to issue debt, the appropriate time for debt issuance, the cost incurred in accordance with the rate of economic growth in the future, and whether debt issuance will have a positive or negative impact on the percentage of gross domestic product.
"Our country is always evaluated on how we fulfil our debt obligations in an accurate and cost-effective manner to reduce the risk of financial crisis," said Mohd Shahar.
The Ministry of Finance was also asked to improve the value of the international investment position (IIP) to improve the perception of foreign investors towards the country.
Mohd Shahar said to increase the IIP, Malaysia must have holdings of financial assets abroad as opposed to foreign investors who own the country's financial assets.
"The government should explain how to increase the rate of investment positions because if we increase the IIP by 1%, the value of the ringgit would increase by 8%," he said.
Mohd Shahar said the creditworthiness of a country conducted by credit rating agencies such as Moody's, Fitch, and S&P Global Ratings is important because it reflects the country's reputation as a sustainable and quality investment destination.
He said the impact of downgrading ratings and projections on the country's economy and finances included capital outflows due to weak investor sentiment.
"The question is how are we going to overcome it? When will the Fiscal Responsibility Act be enforced and when will the government present the Procurement Act in the Dewan Rakyat to ensure that governance compliance can be improved?" he asked.
https://www.theedgemarkets.com/node/687257
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Discussions
Be the first to like this. Showing 12 of 12 comments
"political reconciliation" ??
This is nonsense.
Dropping NEP, reducing civil servants and other freebies is the only way.
2023-10-24 12:07
1 trillion is 1,000 billion or 1,000,000 million.
If the lenders are charging 2% the cost of the borrowing is RM54 Million a day.
A normal housing can be repaid within 20 or 30 years when taken by a family. But these national debts of exceeding RM1 trillion, as claimed by certain quarters, you will not be surprised if the debts can not be repaid in 100 years from today.
How not the national coffer will be emptied soon? The interest charges alone already so much a day. Plenty of Ringgits will be sacrificed to pay up these loans/debts in days/years to come. Likely, the Ringgit will suffer further although may be slowly.
2023-10-24 12:41
As it is, the economy is done already.
You can have plenty of farming, electronic factories, durians, oil palm trees, talented human resources to assemble EV cars...the earnings in the "Ringgit" economy will be sucked/vacuumed into another economy of another currency, depending the currency denomination of those debts.
If you pay interest in USD, the consumers/workers/human beings in this economy will bear the burn of the weakening Ringgit because this banking system in this economy need to buy USD to meet the obligation.
How you do not wish that the Ringgit is strong and we can get more products/services from another economy?
2023-10-24 12:57
Quote: ""political reconciliation" ?? This is nonsense."
Agree. This will only increase the number of mouths chewing the shrinking 'pie'
2023-10-24 13:05
No MP has the slightest grey matter to debate and reoslve this issue in parliament
2023-10-24 17:40
As they misuse parliament as their gaduh ground about divinity problems and after-life issues , the 'economy pie' continues to get smaller and smaller
2023-10-24 18:00
And the vivious cycle goes: As the 'economy pie' keeps shrinking, the more heated their gaduh in parliament - aboit language, bikini and alcohol
2023-10-24 18:02
"political reconciliation“ for what? To prevent masuk hotel Jell Kajang kah.
EngineeringProfit Quote: ""political reconciliation" ?? This is nonsense."
Agree. This will only increase the number of mouths chewing the shrinking 'pie'
24/10/2023 1:05 PM
2023-10-25 09:38
It also means u scratch my back, I scratch ur back. U cover my corrupt practices, I cover ur corrupt practices. Now dap = mca 2.0.
2023-10-25 09:44
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