PR Must Expose BN’s Successful Cover-up Of 3Ds Of Deficit, Debt And Deceit Or Face A Disastrous General Elections That Will Enable BN To Win Back Its 2/3 Majority.(en/cn)

Yesterday, Prime Minister Datuk Seri Najib Tun Razak has clearly indicated that general elections can be called any time soon, buoyed no doubt by confidence in BN’s successful cover-up of 3Ds of deficit,debt and deceit. Unless PR exposes BN’s cover-up of 3Ds, not only will PR not win power in Putrajaya but may even face a disastrous 13th General Elections that will enable BN to win back its 2/3 majority.

BN knows that the critical issue in the coming general elections is its handling of the economy and how the people’s cost of living can be reduced and their economic livelihood increased. Tied to whether BN can help the people’s economically is its management of the Federal government’s debt and budget deficit, which some has traced to its failure to address the menace of corruption.

With the RM250 million National Feedlot ”cows and condos” scandal involving the family of the UMNO Wanita chief as well as the decline in the anti-corruption rankings of Transparency International from No. 37 in 2003 to No. 60 last year, BN has given up on trying to persuade the public that it is serious about fighting corruption. However BN is more successful in deceiving the public that the menace of corruption has not adversely affected the economy, especially the Federal government’s debt and deficit.

BN’s claims that the Federal Government Budget Deficit was RM 43 billion, RM 45.5 billion(estimate) and RM 43 billion(estimate) in 2010, 2011 and 2012 respectively. In % of GDP, it is 5.6%, 5.4% (estimate) and 4.7%(estimate) for 2010, 2011 and 2012. These budget deficit figures are way too low as the country’s projection of economic growth is too high and our operating expenditures too low.

The budget deficit as a % of GDP in 2012 will be higher than the announced 4.7% to rise to more than 5.5% as a result of BN’s determined efforts to buy votes with government cash handouts, civil servants’ pay increase and big projects such as the roll out of broadband to all schools. Unlike PR state governments that provide social assistance from budget surpluses achieved for the every 4 years PR is in power, BN is giving cash handouts from budget deficits which has been incurred for the last 15 years.

As a result of budget surpluses, PR need not borrow to spend on social programs for the people. However BN Federal government has to borrow to spend, following its 15 years of continuous deficits. This can be seen by Federal government debt increasing by 71% from end 2007 of RM266 billion to RM456 billion by end 2011. Unfortunately this is not the full Federal go vernment debt as contingent liabilities of loans taken by private companies or government agencies are not included.

If contingent liabilities are included, our government debt exposure will increase by RM97 billion in 2010.(Contingent liabilities for 2011 are still not available). Malaysians must remember that there is a day of reckoning for debts borrowed to be repaid. Ultimately, the ordinary people are the ones to pay for all these debts particularly when
Malaysia goes bankrupt.

In 2010, the “off-balance sheet” financing activities has hit a record high of RM96.9 billion in 2010, a 14.9% increase from RM84.3 billion in 2009. These are loans which have been taken with a Government guarantee i.e., the Government is obligated to pay should the borrowers fail to settle the debts. As an example, if the Federal Territories Foundation is unable to repay the proposed RM300 million loan from EPF to provide financing for the low-cost housing purchasers, then the Government will have to step in to make the RM300 million payment to EPF.

Federal Government loan guarantees are expected to increase dramatically with loan guarantees for the West Coast Highway of RM 2.24 billion, at least RM20 billion to fund the first phase of the RM53 billion Klang Valley MRT mega-project, the construction of 74 police headquarters with government-guaranteed RM10 billion debt by MoF-owned Pembinaan BLT Sdn Bhd, or the proposed RM20 billion sukuk plan by Pengurusan Aset Air Bhd (PAAB) to restructure the country’s water assets. These loan guarantees are debt exposures to the Federal government that must be included in our total debt figures.

In contrast, the state government debts of PR state of dropped dramatically just as the BN Federal government debt as soared. In Penang, state government debt was cut by 95% from RM630 million in 8.3.2008 to RM30 million by end of 2011. Unfortunately PR’s debt reduction success compared to BN’s debt piling failure has not been communicated to the public as a result of BN’s successful campaign of deceit. Neither has the fact that BN has to borrow to give people money unlike PR can afford to do so from budget surpluses sunk into people’s hearts and minds.

For this reason, I have asked DAP economic researchers led by DAP Publicity Secretary and MP for Petaling Jaya Utara Tony Pua to work closely with our General Election preparatory Team led by DAP National Vice-Chair And MP for Cheras Tan Kok Wai to expose BN’s cover-up of 3Ds of Deficit, Debt and Deceit.

Lim Guan Eng

—– Mandarin Version–

民主行动党秘书长兼峇眼区国会议员林冠英于2012年3月26日在吉隆坡发表声明:

民联必须要揭发国阵所成功掩盖的3D:赤字(Deficit)、债务(Debt)及欺诈(Deceit),否则,我们将会面对一个灾难性的选举,让国阵赢回国会三分之二多数议席。

昨天,首相拿督斯里纳吉已经清楚说明,来届大选随时举行,他的指标无疑就是国阵成功地掩盖了3D-赤字(Deficit)、债务(Debt)及欺诈(Deceit)。除非民联揭发国阵所成功掩盖的3D,否则,民联不可能拿下布城,还可能面对一个灾难性的选举,让国阵赢回国会三分之二多数议席。

国阵知道来届大选的关键课题就是经济课题、如何减轻人民的生活负担,以及提升经济收入。与此息息相关的就是联邦政府如何管理债务与预算赤字,一些人已经指出他们无法解决贪污问题。

随着巫统妇女组主席的家人涉及国家养牛中心2亿5000万令吉的“公寓养牛”丑闻,以及我们在国际透明组织的反贪排名从2003年第37位,跌至去年第60位。国阵已经放弃向公众说明他们对反贪的认真度。但是,国阵竟然成功欺骗公众,让人们以为贪污并没有威胁到国家经济,特别是联邦政府的债务和赤字。

国阵声称联邦政府在2010年,2011年及2012年的预算赤字分别是430亿令吉,455亿(预算)令吉及430亿(预算)令吉。在国民生产总值上,分别占了5.6%,5.4%及4.7%。 这些预算赤字的数据太低,因为我国预期的经济成长太高,而我们的营运开销太低。

2012年的赤字占国民生产总值的比率将会更高,从已宣布的4.7%,上升超过5.5%,因为国阵决意通过政府分派援助金、提高公务员薪金及大型发展项目(如:为所有学校提供宽频)来买票。不像民联州政府,我们在执政4年期间,从财政盈余中,拨款给社会福利计划,而国阵却在连续15年财政赤字的情况下,分派援助金。

由于我们拥有预算盈余,民联政府不必借钱来进行社会福利计划。但是,国阵联邦政府却在连续15年赤字的情况下,借钱来派钱。这可以从联邦政府的债务从2007年底的2660亿令吉,增加71%至2011年底的4560亿令吉可以看出。不幸地的, 这还不是联邦政府的债务全数,它还没有包括私人公司或政府机构贷款的或有负债(Contingent Liability)。

如果将或有负债算进去,我国政府2010年债务将会增加970亿令吉(2011年资料未知)。国人要记得,欠债终需还债,最终,全体普通老百姓都必须来还债,特别是当国家破产的时候。

2010年,资产负债表外的融资破记录达969亿令吉,比2009年843亿令吉增加14.9%。这些贷款是由政府担保,那就是说如果贷款人无法摊还债务,政府必须履行义务还债。例如:如果联邦直辖区基金无法偿还他们向公积金局贷款的3亿令吉,贷款给中廉价屋购买者,政府必须介入,偿还3亿令吉给公积金局。

联邦政府贷款担保预料还会戏剧化增加,他们也担保了西岸大道22亿4000万令吉的贷款、巴生谷地铁计划5300万令吉第一期贷款、隶属财务部Pembinaan BLT Sdn Bhd的兴建74个警察总部的100亿令吉贷款、或水资产公司建议发行200亿令吉的债券来重组国家水资产。这些债务的担保都是联邦政府的潜在债务,必须要纳入我国的债务内。

相反地,民联州政府的债务也戏剧化地降低。在槟州,州政府的债务从2008年3月8日的6亿3000万令吉,缩减95%至2011年3000万令吉。不幸地,民联成功缩减债务的故事还没有被宣扬,不像国阵那样,欠债累累,却还成功地欺埋公众,掩盖真相。事实上,国阵必须借钱还派钱,不像民联那样,我们用的是财政预算的盈余,可以打动人心。

因此,我已经吩咐由民主行动党宣传秘书兼八打灵再也北区国会议员潘俭伟, 与行动党备战委员会(以行动党全国副主席兼蕉赖区国会议员陈国伟为首)紧密合作,揭发国阵要掩盖的3D:赤字(Deficit)、债务(Debt)及欺诈(Deceit)。

林冠英

One Reply to “PR Must Expose BN’s Successful Cover-up Of 3Ds Of Deficit, Debt And Deceit Or Face A Disastrous General Elections That Will Enable BN To Win Back Its 2/3 Majority.(en/cn)”

  1. Hi, Chief Minister.

    I would like to know in details on how did the Penang government cut down the state debt by 95%. I have heard that state government transfer Penang state water bill to the federal government, which has reduced the Penang state debt significantly.

    Thank you.

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