The former Prime Minister, Dato’ Seri Najib Razak has issued a statement criticizing the present Government’s announcement that our debt is now RM1 trillion. He said it “will just unsettle the financial markets, alarm the credit rating agencies and investors confidence in our institutions such as our Bank Negara Malaysia”.
We would like the explain that the new Government will carry out our administration based on the principles of competency, accountability and transparency (CAT). We want to establish the true baseline on the state of financial affairs, diagnose the problems and then prescribe all necessary remedies.
Let me take this opportunity to explain the RM1 trillion worth liabilities as at 31 December 2017 as previously announced.
1. The official Federal Government Debt is RM686.8 billion (50.8% of GDP).
2. In addition, the Government is already committed to pay for Government Guarantees for various entities who are unable to service their debts. This amounts to RM199.1 billion (14.6% of GDP).
The committed government guarantees would include entities such Danainfra Nasional Bhd (RM42.2 billion), Govco Holdings Bhd (RM8.8 billion), Prasarana Malaysia Bhd (RM26.6 billion), Malaysia Rail-link Sdn Bhd (RM14.5 billion) as well as an estimated RM38 billion for 1MDB.
Based on the two items above, the Federal Government debt would amount to RM885.9 billion. This represents the 65.4% of the GDP as highlighted by the Prime Minister, Tun Dr Mahathir Mohamad yesterday.
3. However, in addition to the above, the Federal Government has also been committed and obligated to make lease payments (including rental, maintenance and other charges), for a whole list of “Public Private Partnership” (PPP) projects such as the construction of schools, hostels, roads, police stations, hospitals etc. The lease commitments which were designed specifically to circumvent the Federal Government guarantee and debt limits, amounts to RM201.4 billion (14.9% of GDP).
Hence, the Federal Government debt and liabilities amount to a total of RM1,087.3 billion or 80.3% of the GDP as at 31 December 2017.
Malaysians are rightly concerned with our debt situation, as we did when we were in the Opposition.
However, let me emphasize 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 Federal Government has decided to call a spade a spade. This new Government puts the interest of the people first, and hence it is necessary to bite the bullet now, work hard to solve our problems, rather than let it explode in our faces at a later date.
In the short term, this decision to tell the truth may unnerve Dato’ Seri Najib Razak. However, we firmly believe that in the medium term, by recognizing our true debt situation today, it will enable the Federal Government to take concrete actions to regularize and strengthen our financial state.
I would like to thank and credit the professionalism of the Treasury officials led by Deputy Secretary-General, Datuk Siti Zauyah Mohd Desa in preparing and presenting all the relevant information without fear or favour. This was done without any interference from politicians attempting to manipulate the figures and hide our real debt and obligations.
Having engaged intensively with the Treasury team over the past few days, including listening to various constructive proposals and suggestions to resolve these difficult challenges, I am confident that we can overcome them.
Let me emphasize that the fundamentals of the economy remains strong. The financial sector is stable, the banking sector is well-capitalised and there is sufficient liquidity in the market.
We believe that with the new administration focused on CAT, investor confidence will only be strengthened over time. Together with the commitment of the new Government as well as the support of Malaysians all over the country, we will definitely succeed in saving our country.
YB Lim Guan Eng
Menteri Kewangan
Putrajaya
24 Mei 2018
—–Mandarin Version—-
马来西亚1兆令吉负资产背后的真相
前首相拿督斯里纳吉昨晚发表文告抨击现任政府关于我国目前国债高达1兆的宣布。他在其文告中说：“这只会将金融市场搞得更糟、惊动金融信用指标机构及投资者，对我国各大机关如马来西亚国家银行的信心”
我们在此必须解释，新政府将会以能干、公信、透明的CAT施政方针治理国家。我们要重新建立金融事务的真实底线，诊断其各种症兆，才能采取各种措施对症下药。
让我借此机会解释之前所宣布，截至2017年12月31日，我国1兆令吉的负资产从何而来。
1. 联邦政府的正式国债为6千868亿令吉(占国内生产总值50.8%)
2. 另外，政府已经承诺将会为政府为之做担保，但已经无法偿还债务的各法定机构偿还债务。这些债务共高达1991亿令吉（占国内生产总值的14.6%）
政府作为担保人而必须承诺偿还债务的法定机构包括国家基建基金公司 （Danainfra Nasional Bhd）的422亿令吉、 Govco控股的88亿令吉、国家基建公司（Prasarana Malaysia Bhd）的266亿令吉、 大马铁路衔接有限公司（Malaysia Rail-link Sdn Bhd）的 145亿令吉，以及预估高达380亿令吉的1MDB债务。
就如昨天首相敦马哈迪所强调，上述两项债务相加，联邦政府的债务将高达8859亿令吉，占据国内生产总值的65.4%。
3. 然而，除了上述两项债务，联邦政府也承诺承担各种租金、维修费及其他费用，还有“公私营伙伴计划”（PPP）下所兴建的学校、宿舍、道路、警察局、医院等。这些租赁承担所需，规避了联邦政府的担保与债务限制，高达2014亿令吉（占国内生产总值的14.9%）
因此，截至2017年12月31日，联邦政府的债务和负债，已创下1兆零873亿令吉，或占国内生产总值的80.3%。
正如我们在反对党时一样，如今，马来西亚人民有确正正确地关注着我们的债务情况。
我谨此强调，不管是509选前或选后，联邦政府的义务和财政承诺保持不变。唯一改变的是，新的联邦政府选择把一切摊开来讲。新政府将人民的利益置于优先地位，尽管我们需要硬着头皮啃下这硬骨头，但我们正努力解决问题，而不是继续等到它更严重到无法收拾才爆发出来。
就短期而言，说出事实真相的决定可能会让拿督斯里纳吉感到不安。然而，我们坚信，透过承认我们真实的债务状况，就中期而言，将使联邦政府得以采取具体行动来规范和加强我们的财务状况。
我也谨此感谢由副秘书长拿督西蒂造亚领导的财政部官员之专业，他们无畏无私地准备及提供所有相关资料。他们是在完全没有受到任何政府人物干扰的情况下完成工作，因此所获之数据并没遭到试图操纵或企图隐瞒真实债务及负债。
经过这几天密切参与财政部官员的会议，并聆听他们所提出的各项建设性建议及意见，以解决当前这些困难及挑战，我有信心我们能够克服这些问题。
让我重申，我们的经济基本面依然强劲。 金融界稳定、银行业资本充足，而市场上有足够的流动性。
我们相信，随着新政府秉持的能干、公信、透明施政方针，投资者对我国的信心将会日益增加。加上新政府的承诺以及全国人民的支持，我们一定能够挽救我们的国家。
财政部长林冠英
于2018年5月24日
发表于布城
（上述之款项，并不包括政府已经担保有偿还能力的单位如国库控股、国能及马来西亚工业发金融公司（MIDF) 之款项。）