KUALA LUMPUR – Datuk Seri Anwar Ibrahim began his Budget 2023 tabling today by laying down the facts and reality of today’s economic situation, highlighting some of the country's challenges moving forward as well as past corruptions and leakages.
Addressing the Dewan Rakyat, the prime minister noted how the national debt and liability have surpassed a staggering RM1.5 trillion today, equivalent to 81% of the gross domestic product (GDP).
He lamented that while the government had in the past borrowed money to assist the rakyat, being in debt to finance non-beneficial mega projects full of leakages and corruption has raised serious questions about the betrayal of public trust.
“Our future generations are the ones who will be burdened by these huge debts,” he said when tabling the 2023 Supply Bill here today.
Anwar pointed out that the rampant corruption has also cost the country to slip to 61st place in the latest Corruption Perception Index, as opposed to the high of 29 in 1998.
“Transparency International Malaysia has stated that this (low rank) is because of our failure to address political corruption.”
Beyond this, the finance minister also noted leakages worth billions of ringgit had taken place the past year, as highlighted in the Auditor-General’s Report.
Moving forward, Anwar acknowledged that the country will have to face global economic uncertainty, which could further affect domestic inflation.
“Inflation for 2022 was at 3.3% with food-related inflation at a high of 5.8%. The inflation rate is expected to remain the same this year, but may record a higher figure if global supply chain uncertainty is not addressed.”
He also pointed out how unemployment had remained at a high of 3.6% last year, still higher than the pre-pandemic level of 3.3%.
“What I have said is the honest truth about the economic situation we have inherited.
“However, I would like to use this opportunity to call on everyone to accept the fact that the country is able to ensure progress so that we can be the example for other countries globally.” – The Vibes, February 24, 2023
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