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‘National debt now 53% of GDP’

 | March 11, 2012

Umno is only rewarding the rich and powerful, leaving behind the middle to lower class groups to fend for themselves, claims PKR's Azmin Ali.

GEORGE TOWN: PKR sees Malaysia going the way of Greece by becoming a bankrupt nation in the next decade unless the federal government can reign in its present excessive expenditure and curb wastage.

PKR deputy president Azmin Ali pointed out that as of now the national debt is 53% of the gross domestic product (GDP).

He also claimed that there was a parliamentary legislation drafted and passed in 1983, which called for decisive action to be taken on the economy if the national debt ever surpasses 55% of the GDP.

“Ladies and gentlemen, we are just one to two percent near the figure. We are going to be bankrupt if Barisan Nasional, namely Umno is not removed from power,” Azmin told a political rally in Bayan Baru.

Although, attendance at the rally was poor, which the organisers blamed on its last minute notice, Azmin whipped up a frenzy with a fiery speech about the current political climate.

He said if the country spirals downwards into an era of bad debts amidst huge borrowings, Prime Minister Najib Tun Razak would not be paying for it from his own pocket.

Rather, future generations of young Malaysians would have to bear the burden of servicing the country’s debt, Azmin charged.

“We would be similar to Greece or US where the young generation would suffer, unless changes are made now to our system.”

‘Umno making blunders’

He claimed the payouts of RM500 to each deserving candidate through the 1Malaysia scheme (BR1M) for the poor, was done based on borrowings, and not through the nation’s reserves.

Azmin also touched on the latest controversy after allegations surfaced over the weekend that the engagement ceremony of Najib’s daughter in Putrajaya was billed tothe latter’s office.

He wants Najib to disclose how he has settled the bill, which amounted close to RM300,000.

“Whether, he paid cash, credit card or cheque, the people has a right to know, how was the bill settled. Also, how can the prime minister afford to host and spend on such a lavish banquet?”

Azmin said PKR’s set of discloses over alleged mismanagement of the country’s taxpayers dough, was a testiment to the claims that Umno has lost its way as a political party since the 1990s.

It is making blunders here and there, clinging onto the last grasp of power, whereever it can find, Azmin claimed.

He said the party is only rewarding the rich and powerful, leaving behind the middle to lower class groups to survive for themselves.

The people must hasten their (Umno)’s departure, as no political party remains in power forever, especially if its presence tends to hurt the country more than benefit it,  Azmin said.


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