Razaleigh: Economy in good hands
Najib managing country’s finances well, says former finance minister
THE former finance minister and analysts give Datuk Seri Najib Razak’s handling of the nation’s finances a ringing endorsement. In doing so, they put paid to the opposition’s claim that the government is going bankrupt.
FORMER finance minister Tengku Razaleigh Hamzah is confident that the Federal Government, under Datuk Seri Najib Razak’s stewardship, is managing the country’s finances well.
He said the opposition’s claims that Malaysia would go bankrupt were not true as the country had many assets to cover its debts.
“To have debts is normal for a country. The United States has more debts than us.
“Economic pressure occurs in all developed countries, but they have rehabilitation plans,” said Tengku Razaleigh, who is also Gua Musang member of parliament.
He said the country was also capable of overcoming the challenges that came with global economic uncertainties.
“We are confident that the economy will recover soon and the value of the ringgit will be better and begin stabilising,” he said after opening SK Jerek’s Education Transformation programme here on Saturday.
Present were Nenggiri assemblyman Datuk Mat Yusoff Abdul Ghani, Galas assemblyman Ab Aziz Yusof and state Education Department deputy director Muhammad Zahari Othman.
Tengku Razaleigh’s statement was yet another ringing endorsement of Najib’s handling of the country’s finances. It also refuted former prime minister Tun Dr Mahathir Mohamed’s claim that Malaysia was facing bankruptcy.
Tengku Razaleigh had served as finance minister under Dr Mahathir’s premiership.
Dr Mahathir and other opposition leaders had been harping that Malaysia would go bankrupt and that it was a failed state under Najib’s leadership.
Describing their claims as an act of sabotage, Najib, at the recently-concluded Global Transformation Forum, had ticked off opposition leaders for telling lies for political gains.
He had also said the country almost lost a huge investment from Saudi Aramco due to lies by the opposition.
Political analyst Professor Hoo Ke Ping said Tengku Razaleigh’s statement was an endorsement of Najib’s capabilities.
“This is based on his experience as finance as well as trade and industry minister. He was involved in managing the country’s finances during the Bumiputra Malaysia Finance scandal in the 1980s,” he said.
“Najib successfully implemented the Goods and Services Tax, which was considered a tough job. Now, look at the country two years since its implementation.
“Malaysia is in no way a failed state. Refer to the Fitch and Moody’s report; Malaysia scored top ratings.”
Political observer Tunku Abdul Aziz Tunku Ibrahim said Tengku Razaleigh’s comments came as no surprise.
“It is very obvious for those who can see it with their own eyes. There is no way that Malaysia is on the verge of bankruptcy.
“What (Razaleigh) said summarises perfectly the condition of the country. We are in good hands.
“We are exposed to the world economy, therefore, we cannot help but be affected by it. But the economy is doing very well. What the opposition said, that our economy is going down the drain, is not true. They have eyes, but sadly, they cannot see it.”
Tengku Razaleigh Hamzah