I started my speech on the Finance Ministry during the 2009 Budget committee stage debate in Parliament today by referring to the latest bad news for Malaysia – international ratings agency Fitch today downgraded its outlook for Malaysia from “positive” to “stable”, saying the economy would be hit by lower oil and commodity prices.
In revising the outlook on Malaysia to stable, Fitch took into account the likely impact on the balance of payments of lower oil and other commodity prices.
It said that Malaysia would also suffer from “the deterioration in external demand conditions for electronics exports.”
I pointed out that the latest Fitch rating for Malaysia is further proof of the testing times the Malaysian economy is facing with the worst global economic crisis and the crucial importance of the confidence factor in tiding through the trying times.
I expressed regret that when the new Finance Minister, Datuk Seri Najib Razak presented the RM7 billion economic stimulus when winding-up the 2009 Budget policy debate last Tuesday, its “confidence” capability was seriously undermined when Najib committed the serious parliamentary faux pax of not presenting it in a regular and proper manner in Parliament by an amendment to the 2009 Budget.
I blamed this on the preoccupation of UMNO Ministers on Umno party elections resulting in serious neglect of their government and parliamentary duties.
Umno Ministers should take five-month leave from their Cabinet and parliamentary duties to focus on their Umno party election campaign instead of neglecting up to 80 per cent of their government duties.
The excessive police force and violence at the Petaling Jaya candlelight vigil for freedom, justice and democracy, resulting in the arrest and manhandling of 23 persons, including DAP MP for PJ Utara, Tony Pua, a DAP Selangor State Exco and a DAP State Assemblyman was also cited as an example where poor or bad governance, not just in economic matters, could undermine investor confidenc in Malaysia.
What could be worse when the Selangor Chief Police Officer, Deputy Comm Datuk Khalid Abu Bakar could publicly tell a lie in denying that the police had moved in on the participants at the candlelight vigil last night while they were singing the national anthem, when there are videos to prove the Selangor CPO wrong.
I next asked whether the Barisan Nasional government is serious about fighting corruption when the Anti-Corruption Agency (ACA) is not investigating into RM100 million money-laundering involving a Sabah politician although Hong Kong’s Independent Commisson Against Corruption (ICAC) was in Sabah for a three-day investigation last week.
DAP MP for Kota Kinabalu Dr. Hiew King Cheu, accompanied by DAP’s sole Sabah State Assemblyman, Jimmy Wong Sze Phin (Sri Tanjong) and Sabah DAP leader Edward Mujie had lodged a police report in Dang Wangi, Kuala Lumpur to demand that the Anti-Corruption Agency (ACA) investigate the allegation which had appeared in the press and the Internet about a Hong Kong seizure of RM16 million cash meant for the Umno Permatang Pauh by-election campaign.
During the month of August, the Internet had been abuzz with the news and report that Michael Chia, a confidante of the Sabah Chief Minister, Datuk Seri Musa Aman had been arrested at the Hong Kong International Airport on August 14 for alleged money trafficking and laundering with Singapore currency worth RM16 million before boarding a flight bound for Kuala Lumpur.
I asked in Parliament today why the Sabah Chief Minister had failed to meet with the three-man ICA investigating team and why the ACA is not investigating into the money-laundering scandal, which is now said to involve more than RM100 million and not just RM16 million as originally reported in the Hong Kong media.