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National debt: Anwar says the buck stops here
KUALA LUMPUR, June 24, 2023: Malaysians can breathe a sigh of relief that they have at last a Government that says the buck stops here.
Prime Minister Anwar Ibrahim said Malaysian governments had been incurring debt since the 1970s but it was to develop the nation, not for mega projects.
“I assure Malaysians that the Unity Government (UG) will not burden the country (and future generations) by adding to the existing RM1.5 trillion (national debt),” he added.
This is likely to mean that the UG will stop borrowing, and thus not add to the national debt.
Anwar, who is also Finance Minister, said: “We (in the Cabinet) say no more debt because who will have to bear it? It is already a burden on us and our children.”
No News Is Bad News reproduces below online news portal Free Malaysia Today’s report on what Anwar said:
Unity govt won’t add to RM1.5tril national debt, says Anwar
Prime Minister Anwar Ibrahim says the country has been incurring debt since the 1970s but it was to develop the nation, not for mega projects.
Lynelle Tham - 24 Jun 2023, 2:02pm
Anwar Ibrahim said he will put a stop to the practice of incurring unnecessary debt, especially for mega projects with excessive costs and high commissions that would burden the economy.
PETALING JAYA: Prime Minister Anwar Ibrahim has given his assurance that the unity government will not burden the country by adding to the existing national debt of RM1.5 trillion.
Anwar, who is also the finance minister, said the irresponsible practice of incurring unnecessary debt will be discontinued.
“We (in the Cabinet) say no more debt because who will have to bear it? It is already a burden on us and our children,” he said in a speech at a Negeri Sembilan rural and regional development ministry event today.
Anwar said the country had been incurring debt for many decades, starting with the administration under second prime minister Abdul Razak Hussein in the 1970s. However, the debts were incurred based on the need to develop the country.
“The purpose of those debts was to open up lands, establish the Federal Land Development Authority (Felda) and develop rural areas,” he said.
“They were not debts for mega projects with excessive costs and high commissions that would burden the economy.”
Anwar added that Felda, Risda or Mara would not have existed today if Razak did not assume such debt at that time, as these organisations were established using loans from the World Bank.
In 1971, Razak introduced the New Economic Policy (NEP), which saw the inception of several government agencies such as Felda, Risda and Mara to uplift the poor and rural Bumiputera.
In January, Anwar, who is also the finance minister, said the national debt had reached RM1.5 trillion and required immediate action to address the issue as the figure was already more than 80% of the country’s gross domestic product (GDP).
MALAYSIA
[UPDATED] We must eradicate hardcore poverty by year’s end: Anwar
Entire government machinery must pour in full effort into doing so, says PM
NILAI – Hardcore poverty in the country needs to be eradicated this year, said Prime Minister Datuk Seri Anwar Ibrahim.
Therefore, he said the entire government machinery, especially the Rural and Regional Development Ministry and its agencies, must put full efforts into ending it.
“This year, we must eradicate and put an end to hardcore poverty, including in Negri Sembilan,” he said when launching the Sentuhan Kasih Desa programme here today.
Also present were Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi, who is also rural and regional development minister, Negri Sembilan Menteri Besar Datuk Seri Aminuddin Harun, and Defence Minister Datuk Seri Mohamad Hasan.
The prime minister said the ministry is also a strategic ministry that is able to help the people of various races and ethnicities.
He said that the ministry should not only focus on big and mega projects, but should try to help the people get out of poverty.
“We cannot just talk about the high-speed railway, the East Coast Rail Link project, semi-detached buildings, Putrajaya and so on, yet the poor don’t have enough to buy milk for their children, they don’t have enough to buy school clothes…so we have to prioritise that.
“We want the people to see for themselves what the government is doing, including the Negri Sembilan government, and not to use the political space to attack others,” he said.
Meanwhile, he reiterated the call for all school toilets nationwide to be repaired this year.
“If we talk about a great economy, with ministerial salaries and special ambassadors’ pay being high, yet school toilets cannot be repaired…that is why I say we must settle this issue this year for our children.” – Bernama, June 24, 2023
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