FAILED - PM Anwar Ibrahim and PH led Coalition
DEBT did not go down - but WENT UP - increase of RM92.918bil. Remember, he said that in 2023, the new DEBTS will amount to RM93 Billion.
The Federal Government's debt was recorded at RM1.173 trillion in 2023, an increase of RM92.918bil or 8.6% compared to RM1.080 trillion in 2022, says the Auditor-General’s Report.
The Report also advised that the Federal Government should pay serious attention to new borrowings.
FEDERAL GOVERNMENT Guarantees increased - who did it stand guarantee for?
"Guarantee Commitments also increased by RM3.288bil or 1.5% to RM227.404bil compared to RM224.116bil in 2022,"
Failed in even maintaining dividends and profits of GLCs. etc - it DROPPED
The federal government saw weaker gains from its investments with dividends dipping by RM9.756bil in 2023, a 17% drop compared to 2022. The dividends received decreased to RM46.059bil in 2023, down from RM55.815bil in 2022, according to the Auditor-General’s Report Series 3 released on Monday (Oct 14). The report attributed this decline to reduced dividends received from eight government-linked companies (GLCs) and one statutory body, which dropped by 22.4% to RM42.786bil in 2023. ...Additionally, dividends from Bank Negara Malaysia decreased by RM2.25bil (45%) to only RM2.75bil in 2023 compared to the RM5bil it received in 2022.
Explain this Finance Minister Anwar Ibrahim... Get a better FINANCE MINISTER, Mr Prime Minister Anwar Ibrahim.
...the Federal Government needs to allocate funds to repay maturing loans totaling RM773.750bil over the next 10 years.
That does not include the annual debt servicing - which now about RM45 Billion. When the loans mature, Malaysia will have to back the total loan amount as well. What is the maturity date of these LOANS?
Anyone will reasonably know that it is better to REDUCE DEBTS - but Anwar Ibrahim just reduced the annual borrowing amount from RM100 billion in 2021 and 2022 (the time Malaysia faced the Covid-19 Pandemic) to RM 93Billion. Come GE16, Anwar would have increased Malaysia's debt by maybe RM350 Billion > so problem of DEBT just became worse. HIGHER amount of our BUDGET for DEBT SERVICING, when it could be better used for the people.
BEST thing for Malaysia is that DEBT is reduced - so more monies can be spend for flood mitigation projects, maintaining schools, healthcare, and needed welfare assistance for old-folk (since EPF scheme failed to provide effective 'old age savings' enough to sustain life from 55(or 60) until death).
Spend what you earn - so NO to Deficit Budget( meaning you have to borrow again to spend what the government plans to do) - Let us have a BUDGET SURPLUS, meaning spending less that what Malaysia earns, and this surplus can be used to actively reduce Malaysia's DEBT.
Government often use terms like 'Debt to GDP Ratio' to give us an impression that ALL is well - but the truth is that Malaysians prefers the DEBT to be reduced, and ultimately eliminated. Everyone knows the dangers of debts... so, REDUCE DEBT - used money saved for annual debt servicing (more than RM40 Billion) to help the people.
FINANCE MINISTER must resign ...
We learned the dangers of when the Prime Minister is also the Prime Minister - and even PH gave us the assurance that the PM shall never be the Finance Minister.
The Prime Minister is a important first 'check and balance' to ensure that his Finance Minister or other Ministers do not do wrong. If any Minister does anything - the BLAME or responsibility is on the PM because it is he alone that chooses his Cabinet members and decide what their portfolio his...that according to the Federal Constitution. So, a Prime Minister cannot say that it is NOT HIS Fault - because it was decided and done by some Minister.
How does Malaysian Cabinet operate? When Cabinet decides, is there a requirement of two third vote, or just simple majority - or a mentality that I will not interfere with whatever a Minister decides to do with regard matters within his/her portfolio. I I support whatever he/she wants to do, and he/she supports whatever I want to do in the Ministry and matters related to MY Ministry.
Almost 2 years, and Anwar is failing - maybe someone else can be Prime Minister (some other MP from this current 'Unity' government - Muhyiddin stepped aside for Ismail Sabri...so, maybe Anwar should be changed with Prime Minister X!?
If we continue with Anwar - then the debts will increase, liabilities will increase, performance of GLC's will decline..
Anwar Ibrahim is no different from the past BN PMs - he still continues the practice of 'political appointment'. One of his first was his own daughter..
The 'BAIL OUTS' continue, the debt cancellation continue, ... He is but a good Santa Claus - who ignores the reality.
His PLAN seems to be to ensure that he remains PM until GE16, and beyond. He has a lot of 'sweet' promises - but sadly when he comes to action...the slogan 'Janji Tidak Ditepati"(Promises Not Kept) may be applicable again.
WATCH the upcoming BUDGET - another DEFICIT BUDGET which means more government borrowing? Or will it finally be a SURPLUS Budget - where we will have money to reduce Malaysia's debt and other liabilities?
See also
Anwar's Plan to Increase DEBTS slower than his predecessors - Not reduce/eliminate Debts? Save MONEY? How much for each international trips?
Malaysian
Federal Government Debt? How did Anwar managed to reduce the DEBT? Was
it paid off or simply transferred to another? TELL us - Nope, he did not reduce debt, but just reduced the amount of NEW Debts - end result HIGHER DEBTS
Govt debt went up to RM1.173 trillion in 2023, says Auditor-General
- Nation
-
Monday, 14 Oct 2024
KUALA LUMPUR: The Federal Government's debt was recorded at RM1.173 trillion in 2023, an increase of RM92.918bil or 8.6% compared to RM1.080 trillion in 2022, says the Auditor-General’s Report.
In the Report 3/2024 released on Monday (Oct 14), the debt consists of Domestic Loans amounting to RM1.143 trillion or 97.5% of the total Federal Debt, and Foreign Debt totalling RM29.851bil or 2.5%.
"Domestic Loans increased by RM92.580bil or 8.8%, while Foreign Debt rose by RM0.338bil or 1.1%.
"The Federal Liabilities position at the end of 2023 showed an increase, with the Federal Liabilities to GDP Ratio at 81.8% compared to 78% in 2022.
"This is due to the nominal GDP growth rate in 2023 being 1.6% slower compared to 15.8% in 2022. The Federal Debt to GDP Ratio in 2023 was 64.3%, up from 60.2% in 2022.
"Guarantee Commitments also increased by RM3.288bil or 1.5% to RM227.404bil compared to RM224.116bil in 2022," the report stated.
The report also mentioned that to improve Federal Debt management, the government implemented fiscal reforms with the approval of the Public Finance and Fiscal Responsibility Act 2023 (Act 850) in Parliament on Oct 11 last year.
The Report also advised that the Federal Government should pay serious attention to new borrowings.
This step is aimed at focusing on financing loan repayments that will mature, as the Federal Government needs to allocate funds to repay maturing loans totalling RM773.750bil over the next 10 years.
The audit recommends prudent federal debt management to reduce debt and liability exposure and monitor rationalisation and consolidation efforts.
The targets are set for a deficit not exceeding 3% of
GDP, national debt not exceeding 60% of GDP, and Financial Guarantees
not exceeding 25% of GDP, aligning with fiscal objectives under Act 850,
the report said. - Star, 14/10/2024
Federal government's investment dividends plummet by RM9.756bil in 2023, audit reveals
By BENJAMIN LEE and FAZLEENA AZIZ Nation
Monday, 14 Oct 2024 1:51 PM MYT
PETALING JAYA: The federal government saw weaker gains from its investments with dividends dipping by RM9.756bil in 2023, a 17% drop compared to 2022.
The dividends received decreased to RM46.059bil in 2023, down from RM55.815bil in 2022, according to the Auditor-General’s Report Series 3 released on Monday (Oct 14).
The report attributed this decline to reduced dividends received from eight government-linked companies (GLCs) and one statutory body, which dropped by 22.4% to RM42.786bil in 2023.
"The GLCs with the sharpest decline were Petroliam Nasional Berhad and Prokhas Sdn Bhd, with dividends falling by RM10bil (20%) and RM49.71mil (89.3%), respectively, compared to 2022," the report stated.
Additionally, dividends from Bank Negara Malaysia decreased by RM2.25bil (45%) to only RM2.75bil in 2023 compared to the RM5bil it received in 2022.
The report also highlighted that Syarikat Jaminan Pembiayaan Perniagaan Berhad did not declare any dividend payments in 2023, despite recording a profit, whereas it had previously paid RM7.26mil in dividends to the federal government in 2022. - Star, 14/10/2024
Smaller increase in government debt in 2023
KUALA LUMPUR— Malaysia's federal government managed to curb its debt growth in 2023, with the increase in debt slowing to 8.6 percent from 10.2 percent in 2022.
Prime Minister Datuk Seri Anwar Ibrahim announced that the total Federal Government debt for 2023 stood at RM1,172.5 billion, accounting for 64.3 percent of the gross domestic product (GDP), compared to RM1,079.6 billion or 60.3 percent of GDP in 2022.
Anwar attributed this decrease in debt growth to successful fiscal consolidation measures that reduced the fiscal deficit to RM91.4 billion in 2023, down from RM99.5 billion in 2022.
The Federal Government's debt composition in 2023 consisted of domestic debt amounting to RM1,142.7 billion or 97.5 percent and offshore loans amounting to RM29.8 billion or 2.5 percent of the total debt.
In response to a question from Tan Sri Muhyiddin Yassin regarding government loans and debt status, Anwar stated that loans issued by the federal government in 2023 totaled RM226.6 billion, a two percent decrease from 2022's RM230.9 billion.
This reduction in loans was primarily due to a decrease in new issuances to RM92.6 billion and RM134 billion for refinancing matured debts in 2023.
Anwar emphasised that all debt issuances in 2023 and 2022 were obtained domestically through the issuance of Malaysian Government Securities (MGS) instruments, Malaysian Government Investment Issues (MGII), and treasury bills.
The Federal Government's debt and liabilities exposure position amounted to RM1,532.3 billion or 84 percent of GDP at the end of December 2023, taking into account guaranteed commitments and other liabilities.
Despite the debt reduction, Anwar affirmed the government's commitment to further lowering debt levels as targeted under the Public Finance and Fiscal Responsibility Act 2023 (Act 850), aiming for an overall debt level below 60 percent of GDP in the medium term.
He expressed confidence that the government could gradually reduce
the fiscal deficit and debt levels without compromising national
development and welfare, enhancing its credibility as a responsible
entity. - NST, 7/3/2024
Posts
No comments:
Post a Comment