Malaysia won’t go bankrupt despite RM1 trillion debt – Guan Eng

PUTRAJAYA: Newly-appointed Finance Minister Lim Guan Eng has assured that Malaysia will not go bankrupt, as the country’s financial health can be restored by the present government.

Lim, who began his first day in office yesterday, said the country’s debt level, which was now at about RM1 trillion, largely due to the 1Malaysia Development Berhad (1MDB) scandal, could be improved once the fundamental principles of the financial system, namely efficiency, accountability and transparency, were put in place.

“In addition, expert officials will be allowed to carry out their duties professionally and with integrity. I think this is important. If we can do so, I believe the country’s financial system can recover,” he said his first press conference at the Finance Ministry here.

Asked whether the national debt would cause Malaysia to go bankrupt, Lim said: “If it was under the old government, it would have gone bankrupt, but under the current government, we will save the country.”

The Pakatan Harapan (PH) government took over the administration of the country from Barisan Nasional (BN) after winning the 14th General Election on May 9.

When asked on the economic empowerment agenda for the Bumiputera, Lim said Prime Minister Tun Dr Mahathir Mohamad would be holding a congress on the matter.

‘We are supporting the prime minister,’ he said.

On Budget 2019, Lim said the Finance Ministry would begin preparing it to be tabled in Parliament later this year.

‘The date to present the budget will be announced after referring to the prime minister,’ he said

Meanwhile, on allegations of corruption filed against him in court by the previous administration, Lim said it was politically motivated.

“It’s actually baseless... I cannot add (say) more than that because we have to allow the court process to proceed,” he said.

Lim was accused of abusing his post as chief minister of Penang to obtain gratification for himself and wife Betty Chew Gek Cheng, by approving a request from Magnificient Emblem Sdn Bhd for the conversion of agricultural land, to build houses for the public.Bernama