From FMT:
Guan Eng unfit for his post, says Nancy after bankrupt remark
KUCHING: Batang Sadong MP Nancy Shukri has questioned Lim Guan Eng’s suitability for his position as finance minister, saying his recent statement about Sarawak’s financial future showed an inability to understand budgeting.
Commenting on Lim’s remark that Sarawak might go bankrupt in three years if it were to continue setting an annual budget of about RM11 billion, she said he must have made his calculation without taking into account economic activities in the state.
Like others who have commented on Lim’s speech at a DAP dinner last Friday, Nancy assumed that he reckoned the RM11 billion would all be taken from the state reserves, which now stands at about RM30 billion.
She said he probably didn’t know that much of the money for expenditure would be generated by economic activities.
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Kaytee notes:
Wakakaka. That Sor-Chye deserves Nancy's disgusted scorn at him.
What does Nancy Shukri know about Budgeting ?
ReplyDeleteAh Mok makes the fundamental mistake thinking that people he dislikes are fools.
ReplyDeleteThe 4 persons KT hated most ....... Tun, LKS, LGE & TP, wakakakaka
DeleteOkay okay, sorry ....... dislike not hate
DeleteGuanee was speaking in Mandarin, poorly translated; we need more vernacular schools...ha ha ha...
ReplyDeleteHow come Sarawakians are still so poor and most households living in the B40 category when it has a surplus budget every year after spending about RM 11 billion?
ReplyDeleteWhere has all the monies been spent on and gone to?
Either the Sarawak Govt. is not spending monies on those poor Sarawakians or they are spending it only among the politicians, Sarawak Govt., their political parties, their cronies, their party members year after year.
Sarawakians better ask themselves about their own Sarawak Govt.
Where has all the monies gone to and spend on what?
Guanee may not be so dumb after all.....below may be why the Sarawak govt is now focusing on Petros, O&G resources and that 20% royalty, because timber sudah habis...
ReplyDeleteQUOTE
Sarawak's Timber Industry Is Finished Says Devastating Secret Assessment
24 June 2019
Sarawak Report has acquired details of a secret report, recently commissioned from a leading global consultancy, advising the state government that a radically changed approach is needed to manage its once resource rich economy, thanks to the careless and greedy destruction of previously luxuriant forests.
The findings make grave reading, painting a scenario whereby bad management and greed have exhausted one of the key income streams for the state, namely its natural resources, whilst much-trumpeted ‘industrialisation and modernisation’ drives have largely failed in the hands of family companies linked to politicians and their cronies.
The report explains the backdrop to remarks by Malaysia’s finance minister, Lim Guan Eng, last week, who shocked many in Kuching by predicting that Sarawak could find itself bankrupt within three years based on the present state of its finances.
In refuting that judgement the present Sarawak chief minister, Abang Johari tellingly made no reference to the state’s timber industry, its vast palm oil plantations or the million of hectares given over to so-called industrial timber (fast growing foreign species criticising for rapidly exhausting the soil base).
Nor did Abang Johari refer to the supposed income generating potential of the string of mega-dams which the state has continued to borrow billions of ringgit to finance on the dubious expectation of making the money back out of industrial development.
UNQUOTE
I am actually quite shocked that Sarawak's reserves is only 30B. Such a huge state, so much natural resources and they have saved only that much. One 1MDB case will wipe this all out. And we know in Sarawak the corruption cases can be bigger than 1MDB. Nancy Shukri has not learned anything, even after working in PMO under Najib when 1MDB case was unravelling how devastating one corruption case can be.
ReplyDeleteThey should be having 100B to 200B in reserves by now.
11B budget is tiny. But still where are they getting the revenue of 11B from, just to balance the budget? All the timber is gone. Reading Sarawak Report's article gives sober thought. The Chief Minister makes no mention of revenues from timber (sudah habis), oil palm (which the forest land clearing was supposed to be replaced by), hydro-power (what happened to SCORE), aluminium smelting etc etc...
What WAS mentioned as a revenue source was the usual Oil and Gas, hence now we know why PETROS was formed, and the emphasis on the 20% royalty, because 5% is simply not enough. Guanee is right....without new sources of revenue (ie 11B this year), Sarawak will have to dip into the 30B reserves and in 3 years will go pokai.
Just read Sarawak Report's sobering article:
http://www.sarawakreport.org/2019/06/sarawaks-timber-industry-is-finished-says-devastating-secret-assessment/
Malaysia’s total foreign reserves is 415B. Sarawak claims to be an “equal partner” in the federation, but despite its vast natural resources, and federal projects being funded by Putrajaya, only has 30B in reserves???? That’s not even 10%.
ReplyDeleteShocking state of affairs.
Where did all the timber money go to? Bakun Hydro, SCORE, aluminium smelter, oil palm plantations etc. All these are land and mineral state resources, just collect revenue and simpan dalam bank account......but the problem is whose bank account? Who was the land and mineral resource minister....Chief Minister....etc.
Perhaps if we do some ulangkaji and watch this Global Witness video we can better understand why Sarawak’s reserves is only 30B compared to Malaysia as a whole, which totals 415B.
https://m.youtube.com/watch?v=_1RRNggnM6A