(From right) MCA president Datuk Seri Liow Tiong Lai, MIC president Datuk Seri Dr S Subramaniam, PBB senior vice-president Datuk Amar Douglas Uggah Embas, SUPP president Datuk Dr Sim Kui Hian and Gerakan president Datuk Seri Mah Siew Keong at the 2016 Umno General Assembly at the Dewan Merdeka, Putra World Trade Centre in Kuala Lumpur. — Bernama photo
THE wild allegation that Malaysia will go bankrupt is unreasonable, said several Umno Supreme Council and veteran members of the party.
Agreeing to the explanation of Prime Minister Datuk Seri Najib Tun Razak who said the group A economic rating conferred upon the country was proof that the Malaysian economy is not bankrupt, they said the explanation proved that the allegation of the opposition was not true whatsoever.
“Bankrupt means our government cannot pay its debt, cannot function, cannot pay salaries, cannot conduct the day to day government business, pay the military, police and others.
“Malaysia has debts, but what is important is that we can repay and have not been complacent on paying back our debts. In fact, for countries such as the United States and Japan, their per capita debts are much bigger,” Datuk Seri Mustapa Mohamed told Bernama.
Prime Minister Datuk Seri Najib Tun Razak, in his Presidential Policy Speech at the 2016 Umno General Assembly yesterday stressed that there is no such term as bankrupt in the Malaysian economic dictionary, in fact, Malaysia prevailed with the Group A rating from international agencies.
Mustapa, who is also International Trade and Industry Minister, said like other nations, Malaysia also faced economic challenges but was capable of handling them.
“The duty of the government is to manage the challenges. But when there is a problem, it does not mean we will go bankrupt.
“We have been able to manage the economy well, the growth is good, unemployment is low, and much investments flow into our country,” he said.
Mustapa said the implementation of the Goods and Services Tax (GST) succeeded in helping the government in continuing the national development agenda and maintaining the prosperity enjoyed by the people, including giving the 1Malaysia People’s Aid (BR1M), and the international community perceived Malaysia as an example of a nation which was well managed.
“We have become an icon and example for developing nations to emulate while the developed nations see us as an example of a well-managed country,” he said.
Umno Supreme Council member Datuk Johari Abdul Ghani, who is also Second Finance Minister, said from the economic aspect, the Barisan Nasional government spearheaded by Umno, had developed the nation into achieving RM1.2 trillion in Gross Domestic Product (GDP).
He said the prolific economic growth could only be achieved with the existence of political stability.
“Whatever differences in opinion there may be, ensure that they do not result in political instability because if there is no stability, it is quite difficult to develop the national economy,” he said. — Bernama