Archive for category Budget Debate

Was “the power of 1MDB scandal” at play when in Parliament yesterday former Second Finance Minister Husni transformed from a Najib critic on 1MDB to a Najib sycophant, talking about Najib’s legacy of “zero corruption” when everybody knows it is “global kleptocracy”?

Was the “Power of the 1MDB scandal” at play in Parliament yesterday when former Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah transformed from a Najib critic on 1MDB to a Najib sycophant, talking about Najib’s legacy of “zero corruption” when everybody knows it is “global kleptocracy”?

Before further commentary on Husni’s speech in Parliament yesterday, Husni should clarify what he said a year ago, whether they were the truth and still relevant, for instance:

• That handling 1MDB had made him ill, that he was under heavy stress for months while trying to resolve the controversy and suffered high blood pressure; that a question from a senior official of Bank Negara that “Everyone knows that you are not involved in 1MDB. Why are you feeling stressed over the 1MDB issue?” finally prompted his decision to resign from the Cabinet; and that after his resignation, he felt relieved as “1MDB no longer disturbs my mind and heart”. Read the rest of this entry »

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Najib’s “mother of all budgets” delivering fake news

The Prime Minister Datuk Seri Najib Razak described the Budget being about “gifts, rewards and incentives”. It is most mistaken view. It is a tool or instrument for presenting a statement about the state of the economy, its prospects, and policy announcements for improving governance. A well-crafted budget statement should be an objective and honest presentation meeting the goal of accountability.

Sadly, the Budget for 2018 presented by Najib fails these basic tests. His speech of almost 12,000 words was more akin to a laundry list of items of giveaways, expenditure allocations both real and imagined, and vague statements about the economic consequences that would result.

The speech omitted any reference to urgently needed policy changes to restore the competitiveness of the economy that would enable the nation to escape the middle-income trap it finds itself in. The speech was silent about measures to correct the stagnation in real incomes, and address the looming danger associated with the mountain of debt: – public, corporate and household.

The Budget has been turned into an unabashed and irresponsible first salvo in the campaign for the GE 14. Page after page of the speech detailed expenditures and proposed allocations; no group was ignored in the largess being extended.

Little was said about how the proposed expenditures were designed to advance the overarching economic goals; no reference was made to how the addiction to deficit spending was to be overcome.

The projected deficit was itself a meaningless figure as the profligate spending in some measure would be financed outside of the budget, and nor did the Prime Minister in his speech or in the Economic Report provide details about the level of contingent liabilities or the new liabilities being assumed. Read the rest of this entry »

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Najib cannot take the moral high ground to claim his 2018 Budget is the best budget in the nation’s 60 history as the “mother of all budgets” when it dared not address the most basic moral question in governance, the 1MDB scandal and Malaysia’s infamy as a global kleptocracy during Najib’s premiership

The Prime Minister-cum-Finance Minister, Datuk Seri Najib Razak, cannot take the moral high ground to claim that his 2018 Budget which he presented to Parliament yesterday is the best in the nation‘s 60-year history as the “mother of all budgets” when it dared not address the most basic moral question in governance, the international multi-billion dollar 1MDB money-laundering scandal and Malaysia’s infamy and ignominy as a global kleptocracy during Najib’s premiership.

For five years, Najib had studiously avoided the issue of the 1MDB scandal and Malaysia’s infamy and ignominy as a global kleptocracy in his annual budget speech in Parliament, but three days before his 2018 Budget presentation in Parliament yesterday, he came out with a 81-paragraph statement ringing praise for his financial and economic stewardship of the country. Read the rest of this entry »

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Najib cannot be more wrong in boasting that the 2018 is the “mother of all budgets” – it is the “mother of all hypocritical budgets” when he dared not even address the 1MDB “mother of all scandals” which transformed Malaysia overnight into a global kleptocrcacy

I am very disappointed.

Throughout the nearly three-hour budget presentation by the Prime Minister and Finance Minister, Datuk Seri Najib Razak, I did not hear the single reference to the interntional multi-billion dollar 1MDB money-laundering scandal which had overnight transformed Malaysia into a global kleptocracy.

How can Najib boast that the 2018 Budget which he had presented is the “Mother of All Budgets” – that no other budget “during the last 22 years or the past 60 years of our own nation” had never been crafted so well – when he dare not even mention address the 1MDB “mother of all scandals” which transformed Malaysia overnight into a global kleptocracy!

I am shocked that Najib should claim that he is even better than his father, Tun Razak who had presented a budget as Finance Minister.
Read the rest of this entry »

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Call on Najib to start his belated defence of international multi-billion dollar 1MDB scandal which transformed Malaysia overnight into a global kleptocracy in his 2018 Budget speech

Three days before his 2018 Budget speech, the Prime Minister, Datuk Seri Najib Razak suddenly issued a 81-paragraph blog on “My Economic Vision for Malaysia” which is remarkable for its attempt for the first time to white-wash the international multi-billion dollar 1MDB money-laundering scandal by explaining away the colossal theft and misappropriation of tens of billions of ringgit of public funds as a mere 1MDB “share of problems” which “we long ago revamped the management to correct the mistakes and bring it back to financial health”.

This is not a worthy or acceptable response to the international strictures that Malaysia has become a “global kleptocracy” as a result of the 1MDB scandal, which is the core of the kleptocratic litigation instituted by the United States Department of Justice (DOJ) to forfeit US$1.7 billion 1MDB-linked assets in the United States, United Kingdom and Switzerland, and which are now suspended pending criminal investigations by the United States authorities, as well as for the various financial and criminal actions and investigations by over half a dozen countries, including Singapore, Switzerland, Hong Kong, Abu Dhabi, the United Kingdom and Australia in connection with the 1MDB scandal.

Lest it be forgotten, the Malay Rulers’ on October 6, 2015 issued a rare joint statement and called on the Government to complete the investigation related to 1MDB as soon as possible and take “the appropriate stern action” against all found to be implicated. Read the rest of this entry »

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Lesson from first day of Parliament – no way the 1MDB scandal can be swept under the carpet as it will continue to haunt and hound Malaysia until there is full accountability releasing the country from the infamy of a global kleptocracy

The lesson from the first day of the 25-day Budget 2018 parliamentary meeting is that there is no way the international multi-billion dollar 1MDB scandal can be swept under the carpet as it will continue to haunt and hound Malaysia until there is full accountability releasing the country from the infamy of a global kleptocracy.

Parliament can pretend that the 1MDB scandal has ceased to exist, rejecting questions from Members of Parliament relating to the 1MDB scandal and Malaysia as a global kleptocracy and stopping MPs from demanding accountability for the 1MDB scandal from the Prime Minister and the Cabinet Ministers, with Ministers having to undergo political acrobatics and contortions like the one performed by the Deputy Prime Minister, Datuk Seri Zahid Hamidi yesterday both during and after Question Time on the 1MDB scandal, particularly with reference to the whereabouts of major 1MDB scandal mastermind, Jho Low, but the monstrous 1MDB scandal will not go away. Read the rest of this entry »

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Are there enough patriotic BN MPs to come forward to join hands with patriotic Opposition MPs to save Malaysia from the infamy and ignominy of being regarded worldwide as a “global kleptocracy”?

As the longest-serving Member of Parliament in the present House, having served as a MP for more than 43 years covering 10 of 13 terms from 1969 to the present – except for the ninth Parliament from November 1999 to February 2004 – it gives me no pleasure but great pain and anguish to declare that in my 43 years as a MP of Malaysian Parliament, I have never felt so ashamed and outraged that the country which is the sole object of my love and patriotism, and for which I am prepared to sacrifice my liberties and even my life, have fallen so low that Ministers and MPs are not perturbed at all that the world regards Malaysia as a global kleptocracy.

What has happened to Malaysia? Have the Ministers and MPs in Parliament and the leaders in the country totally lost the moral compass, although MPs start with the following prayer before each parliamentary sitting:

“Almighty God, who in Thy Wisdom and Goodness hast appointed the Office of Rulers and Parliaments for the welfare of society and the just government of men: We beseech Thee to behold with Thy abundant favour us Thy servants whom Thou hast been pleased to call to the performance of important trusts in these lands: Let Thy blessing descend upon us here assembled, and grant that we may treat and consider all matters that shall come under our deliberation in so just and faithful a manner as to promote Thy Honour and Glory and to advance the place, prosperity and welfare of Malaysia and its inhabitants: Amen. “

Has this Prayer lost all meaning?

Have we all become hypocrites that we have totally forgotten our prayer at the start of every Parliament sitting that we can be unmoved, not to be ashamed and/or outraged for the nation to be regarded world-wide as “a global kleptocracy” – a country ruled by PPP, Pencuri, Perompak and Penyamun.

What is a kleptocracy? It has been defined as a rule by a thief or thieves.

Is this what we have become, what the Fathers of Independence and Malaysia, Tunku Abdul Rahman. Tun Razak, Tun Tan Siew Sin, Tun V. Sambanthan, Tun Fuad, Tun Mustapha, OKK G.S. Sundang, Temenggong Jugah, Datuk Haji Openg, Ong Kee Hui, Ling Beng Siew and James Wong envisaged and dreamt when Malayan Independence was achieved in 1957 and the Malaysian Federation formed in 1963?

Should we be proud that Malaysia is now known world-wide not only as a kleptocracy, but a global kleptocracy, a country ruled by PPP – Pencuri, Perompak and Penyamun? Read the rest of this entry »

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Malaysia’s Najib Erases Predecessor’s Economic Vision

Asia Sentinel
October 27, 2016

Annual budget focuses too little on money, too much on politics

On Oct. 21, Malaysia’s scandal-hit Prime Minister Najib Razak tabled a RM260.8 billion budget that is not only short on money and long on politics but seeks to obliterate the philosophy behind the economic blueprint of his arch-enemy, former Prime Minister Mahathir Mohamad.

Najib, also the finance minister, dubbed his 30-year development program “Transformasi Nasional 2050 (National Transformation 2050),” an alternative to Mahathir’s Vision 2020, launched in a landmark Najib’s plan, however, was short on details but long on rhetoric.

“The New Economic Policy under the late Tun Razak was planned to create a successful New Generation within 30 years. So is TN50, which will span three decades, to form a first-caliber nation state as well as with excellent mindset,” Najib said at the end of his budget 2017 speech, recalling his father Abdul Razak Hussein’s affirmative action plan, which was actually a 20-year policy.

One third of the 106-minute speech was devoted to politics and for the first time included a Powerpoint presentation as well as an introduction to leaders of various communities and social workers at the public gallery in parliament.

“Let TN50 bear witness; (let it) be recorded in history that we are responsible citizens and forefathers, to leave behind the best and he greatest legacy to be inherited by future generations.

“From now on, TN50 is our lucky charm. Let the old legacy pass. The future of Malaysia, we will recreate,” he said, in a dig at Mahathir’s Vision 2020 plan.

In an immediate reaction, veteran opposition leader Lim Kit Siang – who has struck a loose alliance with Mahathir – called out Najib’s volte-face of Mahathir’s policies, saying: “It is most shocking that Najib could so cavalierly and unceremoniously repudiated Vision 2020 when only in the last budget presentation last year, he reiterated his commitment to achieve Vision 2020 and the goal of a developed nation status. Has he abandoned both Vision 2020 and its final lap?”

The answer isn’t clear but what is clear about the budget speech was its focus on several demographics that could help Najib keep power in the next general elections, due 2018 but which many believe will be called earlier. Read the rest of this entry »

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Sad, shocking and most embarrassing that there is not a word to refute Malaysia’s infamy as a global kleptocracy as a result of 1MDB global financial scandal in 2017 Budget

The very fact that the question “Was it a budget speech, or a three-ring circus ringmaster’s pitch?” was asked testifies to the fact that Prime Minister-cum-Finance Minister Datuk Seri Najib Razak’s 2017 Budget speech in Parliament yesterday was the most weird, unorthodox and even unbudgetary speech in the nation’s 59-year history – including Najib’s previous seven budgetary speeches from 2009 to 2015.

The writer who posed the question whether it was a budget speech or a three-ring circus felt it was unbecoming for the Prime Minister-cum-Finance Minister, “like magician pulling rabbits out of a hat, Najib seemed to have filled the House with this person and that, whom he called out to each and every time his speech went to the part of goodies that he threw their way” – there were “cabbies and mosque imams, tok siaks and bilals, athletes, scientists, policemen, soldiers, micro loan programme Tekun participants, and yes, even the dead”.

The writer asked: “Is he unveiling a budget, or a circus troupe, as he name-drops all through his speeches, naming this person, that person living and some who have passed?”

Where did Najib get inspiration for such a most weird and unorthodox budget presentation?

From Donald Trump, who blazed new “breakthroughs” with the special guests he invited to the US Presidential debates, or from Robert Mugabe, who had a special “four-eyes only” meeting with Najib – meeting between the world’s oldest kleptocrat with the world’s newest kleptocrat – although no photographs of the dubious event in Kuala Lumpur was released to the media? Read the rest of this entry »

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Abolish the BTN in the 2016 Budget calibration on Thursday, initiating a study whether BTN can be redeemed and totally revamped to promote national unity instead of fostering racism, disunity, intolerance and extremism in Malaysia

The Prime Minister, Datuk Seri Najib Razak should abolish the Biro TataNegara (BTN) in the 2016 Budget calibration on Thursday, initiating a study whether BTN can be redeemed and totally revamped to promote national unity instead of fostering racism, disunity, bigotry, intolerance and extremism in the last three decades.

On Thursday, the newly-appointed BTN director-general Ibrahim Saad said that BTN would undergo a rebranding exercise that aims to dispel perceptions it is racist and see its module updated to suit current needs.

The problem with BTN is not about rebranding or that it suffered from “perceptions” that it is racist, but whether the BTN could be redeemed and totally revamped from its ration d’etre for the past few decades – negative, divisive and anti-national role in indoctrinating and inciting racism, disunity, bigotry and intolerance instead of fostering patriotism, unity, inter-racial and inter-religious understanding and goodwill.

Even for former top Malay civil servants in G25 have condemned BTN of being “ultra Malay-racist”.

This was why former diplomat and spokesperson of G25 Datuk Farida Ariffin have joined the growing chorus demanding that the Najib government should dissolve the “anti-national” BTN. Read the rest of this entry »

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More pain ahead seen for Malaysia economy

By Pauline Ng
Singapore Business Times
Dec 29, 2015

Slumping ringgit, oil prices, business and consumer sentiment add up to a pessimistic 2016 outlook

Currency analysts predict further devaluation in the ringgit in 2016 with projections ranging from 4.49 to 5.00 to the greenback from about 4.30 at year end.

Kuala Lumpur –

“KU” or bitter was the Chinese character most picked by Malaysian Chinese businesses to characterise 2015 which saw the introduction of a consumption tax, public transport hikes and numerous other cost increases made worse by a tanking ringgit that has lost nearly a fourth of its value against the US dollar over the year after dropping 8 per cent in the previous year.

Sadly, the signs are pointing to an even more tumultuous 2016.

With global oil prices slumping below US$40 a barrel – bad news for oil producers such as Malaysia – and business and consumer sentiment stuck at lows last seen during the global financial crisis of 2008, the reality of a diminishing ringgit is expected to hit businesses even harder in the new year because of price adjustments for new stocks.

In truth, there have been a number of price revisions in the past year, especially in April when a 6 per cent Goods & Services Tax (GST) kicked in. Read the rest of this entry »

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Very soon, comedians like Harith would have to call it a day because Ministers like Ahmad Maslan, Abdul Rahman Dahlan, Paul Low and even Najib would have taken over their jobs

When comedians like Harith Iskandar pillory Ministers not just on stage, but in the public domain, the stocks of His Majesty’s Ministers and Deputy Ministers have fallen to a new low.

Harith is right that going by Ahmad’s definition that the deputy minister has got three jobs as Pontian MP, deputy international trade and industry minister and Umno information chief, he (Harith) would have got six jobs – as comedian, emcee, writer, actor, coach and director!

However, as Harith rightly pointed out, it does not mean he has six jobs but only that he does six different things.

In fact, going by Ahmad’s definition, the person having the most jobs in the country would be none other than the Prime Minister, Datuk Seri Najib Razak himself. Read the rest of this entry »

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Congrats to Parti Amanah Negara for having 35,000 members in two-and-a-half months when DAP in our first 15 years have not reached this figure of membership

Firstly, let me congratulate Parti Amanah Negara for its launch in Johor, as part of the determined collective bid by Pakatan Harapan to make Johor the front-line state for political change in Malaysia in the run-up to the 14th General Election.

Parti Amanah Negara has made impressive political headway in less than three months of its launch, gaining some 35,000 members and Parti Amanah Negara Secretary-General Sdr. Anuar Tahir told me just now that he expects the party membership to reach 60,000 by the end of the year in about six weeks time.

This is a most impressive political progress for Parti Amanah Negara in such a short period of four months as DAP did not reach the membership of 35,000 in our first 15 years of political struggle, although we had contested in three general elections in 1969, 1974 and 1978 – winning 13 Parliamentary and 31 State Assembly seats in our first general election outing in 1969, when we secured 11.9 per cent of the popular vote. Read the rest of this entry »

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Call on Najib to declare his stand – whether he will resign as Prime Minister if his 2016 Budget is rejected by Parliament on Monday

Datuk Seri Najib Razak should declare his stand well before Parliament’s resumption after the Deepavali break on Monday, whether he will resign as Prime Minister if his 2016 Budget is rejected by Parliament during it second reading on Monday.

This has become an issue as the Minister in the Prime Minister’s Department and Gerakan President, Datuk Mah Siew Keong told Sin Chew Daily that there is no need for Najib to resign as Prime Minister even if the 2016 Budget is rejected by Parliament.

This is turning accepted parliamentary conventions and practices on their head but for this perversion of parliamentary tradition to come from the President of a political party which had prided itself as “the conscience” of the Barisan Nasional coalition government indicates the degree of depravity and degradation this political party had undergone in order to hang on to the few perks of office and position in government.

Regardless of the outcome of the Parliamentary vote on Monday, Najib should declare his stand on whether he would resign as Prime Minister if the 2016 budget is rejected, or he would hang on to office, both as Prime Minister and Finance Minister, regardless of the outcome of the parliamentary vote? Read the rest of this entry »

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If DAP and Pakatan Harapan are only interested in our own political interests, we will do everything possible to ensure that Najib will remain as Prime Minister and lead UMNO/BN into the 14th General Elections because he will be an easier target

If DAP and Pakatan Harapan are only interested in our own political interests, we will do everything possible to ensure that Datuk Seri Najib Razak will remain as Prime Minister and lead UMNO/Barisan Nasional into the 14th General Elections because he will be an easier target with so many political and economic scandals exploding all over the place.

We will not force an issue of a vote of confidence in Parliament, whether in the form of a no-confidence motion or in defeating the government on an important measure like the Second Reading of the 2016 Budget which will be voted on Monday 16th November at the end of the three-day Ministerial winding-up of the budget debate.

But our national interests must override all our political party interests for we want to send a clear and unmistakable message that the present state of national affairs where confidence, whether national or international, has plumbed to the lowest depths in the nation’s history, cannot continue for the next two-and-half-years before the 14th General Elections, as the country cannot afford the great economic and nation-building costs of such prolonged crisis of confidence.

November 16. when there will be a vote in the Second Reading of the 2016 Budget, will be Najib’s first test of leadership in Parliament.

Pakatan Harapan has 72 Members of Parliament, but only 71 votes, as I have been suspended from Parliament for six months. PAS has declared that it will not support any effort to vote out the 2016 Budget.

In these circumstances, is it possible to expect 41 Members of Parliament from UMNO/Barisan Nasional to cross the floor on Nov. 16 to support Pakatan Harapan Members of Parliament to vote down Najib’s 2016 Budget by ensuring that there is an absolute simple majority of at least 112 votes out of a Parliament of 222 Members of Parlaiment? Read the rest of this entry »

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As 2020 deadline looms, Malaysian students fail to shine in science

by Boo Su-Lyn
The Malay Mail Online
November 2, 2015

KUALA LUMPUR, Nov 2 ― Less than 13 per cent of those who sat for the Form 3 PT3 examination last year scored at least a C in both science and mathematics, Putrajaya has revealed, despite Malaysia’s aim to achieve developed nation status in less than five years.

The Education Ministry also said that the average percentage of secondary school students who qualified for the science stream, based on their results of the previous Form 3 PMR examination, only hovered around 30 per cent over the past 10 years, though Malaysia has been aiming for a 60:40 ratio of science/ technical/vocational and arts students since 1970.

“The most probable reason for this could be the new format for the PT3 science and maths papers,” Education director-general Datuk Seri Dr Khair Mohamad Yusof told Malay Mail Online in a recent email interview, in explaining the PT3 science and maths results.

“There were very few multiple choice questions which most students are very familiar with; and the test items demand a lot of thinking on the part of the students to gauge their understanding of the subject matter rather than regurgitating rote-learned concepts.

“It does not encourage teaching to the test and teachers need to engage the students in the learning process by asking more higher-order thinking questions. It is hoped that this kind of format will encourage the students to learn meaningfully and in future, the PT3 results will become better,” he added. Read the rest of this entry »

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So, where did the RM2.6 billion go? Tell us, Najib

Phlip Rodrigues
Malaysiakini
25 Oct 2015

COMMENT When a sea of placards washed over the face of Prime Minister Najib Abdul Razak on Budget Day, it created huge waves in the annals of Malaysian politics. Never before in the history of parliamentary democracy had a prime minister had to face the ignominy of seeing his role flashed in loud, clear and bold message across the national stage.

For Parliament is the time-hallowed podium where the actions and thoughts of the elected representatives are in full play for all to see. What the opposition lawmakers did on that memorable day is an act of patriotism: they do not want to see the country destroyed by a prime minister whose every action is a tight slap on democracy.

Parliament is a fitting place to debate with intelligence and vigour the problems and ills of the country – be they social, economic, political. More importantly, it is the ideal arena to drill the prime minister on his deeds as the head of government.

But Najib chooses not to engage in the cut and thrust of political life, which is the hallmark of a healthy and vibrant democracy. Instead, he treats Parliament with contempt when he ignores the existence of the opposition and cares only for his own skewed views.

His words have become his laws and as a result, justice and truth have taken a terrible beating. He comes and goes as he wishes and most of the time, his seat, given by the people to serve the people, is left cold and empty. Read the rest of this entry »

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I would have advised Najib to refund the RM2.6 billion “donation” to the Treasury as one way to resolve the RM2.6 billion “donation” scandal during the debate on 2016 budget if I had not been suspended from Parliament for six months

The 1MDB “Monster” is claiming more and more victims, and I am only the latest one – suspended from Parliament for six months because I had said what is in the heart of all thinking and patriotic Malaysians, viz:

*firstly, that the Public Accounts Committee investigations into the RM50 billion 1MDB scandal should not have been suspended for three months as national interests demand that 1MDB investigations should be conducted as a matter of greatest urgency and priority; and

*secondly, there has been too much avoidance and evasion of responsibility by the Prime Minister, Datuk Seri Najib Razak and his government in giving full accountability for the twin mega scandals in the country, the 1MDB and the RM2.6 billion “donation” in Najib’s personal banking accounts resulting in an unprecedented crisis of confidence in the Malaysian government.

This is why the Malay Rulers on October 6 had come out with an extraordinary statement calling for 1MDB investigations to be completed “as soon as possible” and for the “appropriate stern action” to be taken against all found to be implicated. Read the rest of this entry »

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Najib’s 2016 Budget made history as a budget which could not generate any budget euphoria as it was snuffed out within seconds of delivery by phalanx of Opposition MPs standing up and displaying “Mana RM2.6 billion” placard

Prime Minister-cum-Finance Minister Datuk Seri Najib Razak’s 2016 Budget made history as the first Malaysian budget which could not generate any budget euphoria as it was snuffed out within seconds of delivery by the phalanx of Opposition MPs standing up and displaying the “Mana RM2.6 billion” placard.

Normally, the budget presented by a Finance Minister in Parliament on a Friday would be able to generate a budget euphoria for weeks, or at least for the immediate weekend, with glowing economic reports and superlative accounts of the government’s budgetary plans, but Najib’s 2016 Budget failed dismally on this account, with the country overcast with hazy sky and noxious air which for weeks had closed schools, disrupted the economy and created havoc in the life of Malaysians.

In fact, events in the 24 hours after Najib’s delivery of the 2016 Budget had continued to be relentless in stamping out any ember for any post-budget euphoria, for instance:

1. the report by The Australian yesterday that a sixth foreign government, Australia, has joined five other countries, namely Switzerland, United Kingdom, Hong Kong, Singapore and United States in the ever-widening international inquiry into Malaysia’s biggest scandal in history, the RM50 billion 1MDB (well exceeding the RM42 billion normally associated with the scandal, according to Tan Sri Muhyiddin Yassin in his last speech as Deputy Prime Minister to the UMNO Cheras Division on July 26); Read the rest of this entry »

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Can Malaysia withstand external headwinds?

Penang Institute
Malaysiakini
24 Oct 2015

In the last year or so, the Malaysian economy has been affected by two main external headwinds. Firstly, the fall in commodities prices has dented the country’s finances. Secondly, the possibility of US increasing its interest rate has caused some repatriation of foreign investment funds, thus affecting investment climate and ringgit’s value against major currencies.

Therefore, can the Budget 2016 help the country withstand further external economic headwinds given that the US Federal Reserve has hinted that interest rates are projected to rise? A separate press statement will cover the Budget’s impact on households. Read the rest of this entry »

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