Sunday, April 15, 2012

The PTPTN Issue

The PTPTN issue is close to my heart because I know of many of my students who are depending on the loans for their tertiary education. Since I blogged about the demand to abolish PTPTN, I too wondered if at all it is possible to do away with these loans. Then I saw this Jackson Ng article in Malaysia Today dated April 13, 2012 (Check out webpage http://www.malaysia-today.net/mtcolumns/letterssurat/48654-liow-its-bn-that-is-bankrupting-msia) just a couple of minutes ago and I now know we can afford it. Ng had drawn up a long list of BN financial misdeeds but I am going to highlight just a small sample (i.e. only seven items), but kindly note that their financial costs alone total much more than the BN estmate to abolish PTPTN!

These were the payouts that the government made: (1) PKFZ RM12 billion (known); (2) submarines (future Muzium Negara artifacts) RM4.1 billion and not including the commission of RM500 million; (3) betting in foreign exchange futures cost Bank Negara Malaysia RM30 billion in the 1990s; (4) two bailouts of Malaysia Airline System RM7.9 billion; (5) Putra transport system bailout costing RM4.486 billion; (6) STAR-LRT bailout costing RM3.256 billion; and (7) Petronas RM30 billion handouts, disguised as natural gas subsidies to IPPs who were already making tons of profits, since 1997.

So, who is still insisting that we cannot afford to do away with PTPTN?

Sigh! Celtic lost 1-2 to Hearts, thereby surrendering the chance to tackle Hibernian in the Scottish Cup final. Looks like that is going to be an Edinburgh event.

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