Tuesday, May 29, 2018

Malaysia's RM1 Trillion Debt

On Monday, May 21, 2018, Prime Minister Mahathir Mohamad (right) announced that Malaysia is saddled with over RM1 trillion in debt – and saying in no uncertain terms that the country’s finances have been “destroyed” by the previous Najib administration. 

The following day, Finance Minister Lim Guan Eng re-confirmed that Malaysia has indeed crossed the RM1 trillion debt threshold. 

Two days later, Lim (right) gave a breakdown of the government debt and liabilities – the official federal government debts amounted to RM686.8 billion (50.8% of gross domestic product), commitments to government guarantees stood at RM199.1 billion (14.6% of GDP) and commitments to lease payments for projects under public-private partnerships stood at RM201.4 billion (14.9% of GDP). 

That takes the grand total debt to RM1.087 trillion, or 80.3% of GDP! 

Graphics courtesy of The Edge Markets 

In fact, Lim correctly said: “Let me emphasise that the obligations and financial commitments of the federal government are unchanged before 9 May and after elections today. The only change is that the new government has decided to call a spade a spade”.

If you have read Najib Razak’s griping protestations – it’s kinda pathetic really. He should know better – in any case, as Damansara MP Tony Pua asserted: “A debt in any other name stinks just as bad”. 

Najib stinks too!

It’s always great to be working with individuals who want to be good public speakers. It’s not difficult really – if you are ready to learn and get a good speech coach. 

I had that opportunity when Ahmad Fakhri invited me to be a part of his team in the ‘Persuade with Power’ workshop  as one of five speech coaches. 

I view the BDO people as uncut diamonds – endowed with shining qualities beneath a rough exterior. 

It is a one-and-a-half-day challenge and the Council of Esteemed Coaches as Ahmad labelled the speech coaches, had their work cut out for them. 

Photos taken on Thursday, May 24:

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