Who borrowed from Japan? Not my govt, says Najib
PETALING JAYA: Former premier Najib Razak has scoffed at a PKR politician’s reasoning that the government was in a spot over the Lynas rare-earths plant because of government loans taken from Japan.
In an online posting this evening, Najib said that his government had never borrowed from Japan. “It was during the time of the fourth prime minister (Dr Mahathir Mohamad) that we borrowed a lot from Japan until our foreign debt ballooned when the yen grew stronger.”
He then questioned why the current government run by Pakatan Harapan, now also headed by Mahathir, had sought RM7.3 billion in financing from Japan. Last November, the Japanese government offered to guarantee up to 200 billion yen (RM7.4 billion) of Samurai bonds with a 10-year tenure.
Earlier today, Kuantan MP Fuziah Salleh – a vocal critic of the Lynas rare earths processing plant – said Malaysia was in a spot over the Lynas issue, as the main beneficiaries of the processed rare earths were companies in Japan, which had provided financing for the government in the form of Samurai Bonds.
Fuziah blamed the previous government’ for the borrowing from Japan, and for running up too many debts.
But Najib, who was also finance minister, said the Barisan Nasional government of his time had settled many of the debts from Mahathir’s time.
However the national debt had now swollen to RM807 billion from RM686.8 billion in 2017, with the RM120 billion increase stemming from domestic loans made in ringgit, he said.
“If the government can borrow RM120 billion from domestic sources and plunder RM82 billion from Petronas, why does PH need to borrow RM7.3 billion from Japan?” he said.
He also took another swipe at Fuziah – whose resignation he had demanded earlier in the day – for not mentioning that the government had received RM175 million from Lynas recently. Lynas has recently confirmed that it had deposited US$42 million (RM175 million) required by the government for a long-term waste solution.
Fuziah’s explanation came in an open letter after Najib called for her resignation and that of DAP secretary-general Lim Guan Eng and Bentong MP Wong Tack after Dr Mahathir had indicated that Lynas’ licence would be renewed.
Pakatan Harapan had campaigned strongly against the Lynas plant before the 2018 general election, with many claims made that the plant would be closed after a change of government.
Go check your facts. Don't just parrot your Idol.
ReplyDeleteUntil 2005, Malaysia's foreign debt exposure was a very small part of GDP. That is a key reason why Malaysia survived the 1998 Asian Financial Crisis without needing IMF bailout.
So... Mahathir is not the source of Malaysia's debt problem.
Badawi, then Najib are the one's who are guilty of Borroww, Borrow, Borrow from foreigners.
The Government is in a tough spot today because of heavy 1MDB guarenteed loan exposure.
We should learn from Jibby’s gomen, “borrow” only from Saudi royals and Jewish banks (Goldman Sachs) which Malaysians now have to pay back.
ReplyDeleteSo simple to fart!
ReplyDeleteM borrows from J, as J is a known & willing lender with cash to M.
J supplies major key industrial elements to A, who needs those elements for defence & advanced technological applications. J makes his monies from A.
J also has a key industrial production setup in M. That plant produces those elements that A required!
J is been arm-twisted subtly by A to be an Ah Long for M to meet M's critical fiscal shortfalls.
Why A doesn't lend directly to M?
1) M didn't seek out A in the first place
2) A's financial terms suck big time for M to lend
3) J can offer very favourite financial terms to M
4) M is home to J's plant that supplement A's tactical needs. That plant is cliffhangered due to environmental issues
5) J can entices M with very favourable financial terms. M just has to be more lenient in overlooking at the environmental issues that plagued the plant's operation.
Better than yr tok-kok cut&paste?
Wakakakakakaka
ReplyDeleteQuote Ahjibkor: "Who borrowed from Japan? Not my govt, says Najib"
So, Why Ph needs to borrow if the Govt. financial system is Koyak and needs to borrow from domestic sources or Japan?
Because during BN regime jolly times:
Who stole/misuse monies from Tabung Haji, LTAT, FELDA, refunds from GST, LHDN etc and needs rescue by the PH Govt?
Who bloated up all the costs of Govt. contracts, Ministries expenditure etc which are now recurrent expenditure?
I wonder what sort of excuses and reasonings is Ahjibkor making which makes him look more and more like a village/kampong idiot.
How in the world did he even become a Finance Minister besides being a PM and President of a party with 3 million members?
Is UMNO a political party with intelligent leaders or just a party full of village/kampong idiots which is only good at shouting rhetorics of Race, Religion and Royalty?
The more Ahjibkor talks, the more he exposes his hypocricy and the low level of intelligence he has been hiding from everyone including his own party.
Wakakakkakaka
Jibby shows how it’s done: he “borrowed” 3 BILLION from KWAP (without proper approvals), wired it to a Swiss bank account and the money got frozen for money laundering.
ReplyDeleteQUOTE
Najib refused to send delegation after Switzerland froze SRC fund
Tuesday, 06 Aug 2019
KUALA LUMPUR (Bernama): Former Finance Minister II Datuk Seri Ahmad Husni Hanadzlah told the High Court here on Tuesday that Datuk Seri Najib Tun Razak refused to allow a government delegation to go to Switzerland to provide clarify on the money frozen by the Swiss government.
The 56th prosecution witness said he was informed that an investment fund belonging to SRC International (SRC) in a bank in Switzerland had been frozen by the Swiss government for money laundering.
"I then went to meet with Datuk Seri Najib and sought his permission to bring a delegation from the Finance Ministry, Bank Negara and Kumpulan Wang Persaraan (KWAP) to bring the documents to prove that the money was a loan from KWAP.
"However, the honourable prime minister did not give his consent for me to do so, ” he said when reading out his witness statement in the former premier's trial in relation to the misappropriation of RM42mil of SRC funds.
UNQUOTE