YOURSAY ‘In a nutshell, BN has been pumping up the economy through unbridled spending which came from borrowings.'

Najib: Gov't to address Fitch's concerns in Budget

Onyourtoes: There is nothing new and difficult in what rating agency Fitch was saying. It is crony capitalism having a stranglehold on government. If fiscal deficit was really used to benefit the rakyat, by now I think most of the people would already be millionaires.

I know there are many issues which must be tackled when it comes to fiscal management. But in this instance, let me just highlight one issue which clearly shows that the Malaysian economy is being managed by nincompoops.

Recently the transportation sector has experienced some shortage of subsidised diesel. What the Domestic Trade Ministry did was to increase the amount of subsidised diesel by more than double without doing any study, thinking that the quota set earlier was insufficient.

Now, we know there are numerous possibilities of arbitrage going on because unscrupulous operators (with collusion of corrupted officials) can always reap huge profits by siphoning the diesel to the non-subsidised sector.

This is one possible example of subsidies that was misused and abused which incurred extra government expenditure but without benefitting the intended target groups.

MockingYou: Recession is unlikely as long as the ever growing credit bubble is lanced properly.

Corrective and concerted steps by the Bank Negara Malaysia (BNM) and the government can still see us through, but it's just unfortunate that we've the wrong party (no end to stupidity people) helming the government part. Darn!

Telestai!: PM Najib Abdul Razak should not trivialise Fitch's concerns by making a sweeping statement that the national budget will address it.

Fitch's concern on the steep rise in household and government debt is not new as it has been mentioned by opposition leaders Anwar Ibrahim and Tony Pua. In a nutshell, BN has been pumping up the Malaysian economy through unbridled spending which came from borrowings.

One of the modern-day economic management policies is to spend yourself out of a recession but it is hardly a blank cheque.

Excessive government spending at a time of shrinking revenues can stimulate the economy in the immediate term but it must bring future long-term benefits. It is a game of brinkmanship as should the benefits fail to materialise, the country moves closer to bankruptcy.

Najib can tell the world that Malaysia's debt to GDP ratio is only 53 percent but the world knows that if you add in contingent liabilities, it would be much higher than that.

Fair Play: Prevention is better than cure. The powers-that-be had the opportunities to institute prevention controls. Now, finding the cure might take a longer time than expected and it might not even work, bearing in mind the subsidy mentality of the rakyat.

Vijay47: I hope Najib makes sure that Fitch Ratings is not another Jewish body out to paint Malaysia in negative light, being envious of the giant strides we have made under the able stewardship of Najib and his comrades in Umno.

Selaginella: No, Vijay47, you are wrong. Not Jewish but Shia sesat !

Cantabrigian: Najib, Fitch was simply implying that your government has no credibility in managing the economy. As finance minister, you should be ashamed of yourself.

A fiscal deficit happened when you spent billions and could only get back millions in return. How are you going to increase the income of the country?

By issuing Automated Enforcement System (AES) summonses, suing the opposition for defamation, introducing the Goods and Services Tax (GST), reducing fuel subsidies or raising income tax?

Thana55: Roll up your sleeves and get to work. Your boy, Minister in the Prime Minister's Department Idris Jala, has been misleading you and now you are ‘Fitched' up!

Raja Chulan: High (53.3 percent, excluding contingent liabilities) government debt; huge yearly budget deficit; high household debts; bloated and inefficient civil services; high crime rate; high unemployment amongst graduates; etc, etc. So, where is Malaysia heading to? Recession.

Smallbigblob: Ahhh, don't worry! Just continue with the spending. It is only foreigners' perception. If they don't like it, they can migrate or go elsewhere.

Fair&Just: There are so many God-chosen people in Umno who should be divinely anointed with wisdom to deal with such abject matters as money.

Continue using money to buy elections, opulent and decadent lifestyles (eg, many wives and mistresses), abusing the process of law, commit crimes, etc, where the money can be replenished by dipping into the nation's coffers, which can be easily filled by borrowing excessively.

No problem. It is only perception.

Iamleavingbutdecidedtostay: Fitch has tarnished Malaysia and our leader's image - it is to be charged under the Sedition Act, Official Secrets Act (OSA), Internal Security Act (ISA) and Peaceful Assembly Act. Did I miss anything out?

Oh yes, the Registrar of Societies (ROS) to deregister Fitch, too, Perkasa and Jati to sue them for defamation, and the list goes on. Welcome to 1Bankrup Malaysia - the year is 2019.

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