Hornbill Unleashed

November 29, 2016

Najib: Claims of Malaysia bankrupt only political attacks

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

Image result for najib razakNajib Razak said claims that Malaysia will be bankrupt and become a failed state were only political attacks which were not supported by facts and verified.

In fending off these claims, Najib who is also Finance Minister, said the claims made by a small group of people were politically motivated.

He said the people had to be smarter by analysing the facts and statements made by parties without vested interests such as the ratings agencies, the World Bank, and the International Monetary Fund.

“This is what we must explain to the people, that they cannot believe what is not supported by statements and facts, and more importantly, the statements and facts must come from people without vested interests.

“Their comments, analyses are actually more accurate than what is claimed by those with political motives,” he said in a special interview held in conjunction with the 2016 Umno General Assembly today.

Najib who had just returned from attending the Asia-Pacific Economic Cooperation Meeting said he met with representatives of ratings agencies like Moody’s and IMF Managing Director, Christine Lagarde in Lima, Peru.

“If we are heading towards a bankrupt economy, surely ratings agencies like Moody’s, their representatives there would tell me if they saw the situation as heading towards disaster if we do not do anything.

“Lagarde (also) did not say that we are in a crisis state,” he added.

In the informal dialogue between Apec leaders with Lagarde in Peru last week, IMF supported steps taken concerning the Malaysian currency, and said the movement of the ringgit was beyond control.

Lagarde supported Malaysia’s floating of the ringgit because it was the best line of defence as what was happening to the ringgit was beyond control.

Najib also shared his conversation with American president-elect Donald J.

Trump yesterday (Nov 27) who described Malaysia as having a good economy following the national economic growth of 4.5 per cent in the third quarter of this year.

Asked if the uncertain economic performance next year and later would have a major effect on the people and influence their political sentiments, Najib said what was happening to the global economy was beyond control.

On the other hand, the government had done the best for the people to reduce the effect of the uncertain global economy, he said.

“I believe the people will understand that what we have done today is the best for the people, and we are the ones who can fulfil their hopes compared to the current alternatives,” said the Prime Minister.

Based on that, he said Barisan Nasional had won elections during economic slowdown periods and won big in the Sarawak State Election even though there were forecasts made by certain parties that it would lose following the implementation of the Goods and Services Tax.

He added that BN also won big in the Sungai Besar by-election in Selangor and Kuala Kangsar in Perak.

Najib added that government subsidies were also retained, including for health and education to lighten the cost of living on the people.

3 Comments »

  1. As Najib grapples with allegations of financial irregularities at 1MDB, confidence of the Malaysian currency will definitely be affected. In fact, foreign funds (think big mutual funds and investment funds) are already pulling out of Malaysian, dumping more than US$3 billion of the nation’s shares this year. Ringgit is now at 19 year low vs USD. A Singapore dollar can get you RM3.10 at the money changer today.

    Comment by almaz — November 29, 2016 @ 4:36 PM | Reply

  2. Sure as long as Najib is the power in Malaysia, he can set up any stage with his UMNO goons to yell shout and boast showing his fist to tell whatever lies he wants. But most Malaysians cannot be fooled anymore. Only his foolish blind, deaf and dumb UMNO who are living on ‘dedak’ will listen to Najib.

    Comment by almaz — November 29, 2016 @ 4:26 PM | Reply

  3. Tainted analysts with vested interests in managing Malaysia’s corruption, like the ‘Asia Wealth Management’ boss for the bank UBS, have been putting themselves about the media in recent days, trying to talk up the ringgit.

    But, it isn’t working. Excuses are being made for the continuing decline of the currency, such as ‘The Trump Effect’, when everyone knows the real problem is ‘The Najib/1MDB Effect’.

    For the past fortnight the true dire state of the ringgit has been disguised by Najib’s tame new Central Bank Governor, who has been wasting the country’s reserves by throwing huge sums at buying up the currency, which everyone else is sensibly getting out of.

    He has made it fundamentally worse by lecturing banks that they must stop the frantic selling, thereby proving the desperate nature of the crisis.

    The fact of the matter is that no one wants to invest in a country which is run by a coven of criminals, who are locking up people left, right and centre in an arbitrary fashion for complaining that the rule of law is not being upheld.

    No one wants to invest in a country where all respectable people from all sides of the political divide have been forced to unite in condemnation of a thief Prime Minister, who refuses to quit office.

    It is particularly telling for observers of Malaysia that this is a country where it remains possible for a man to remain in office, despite having been exposed as a kleptocrat billionaire – who on earth can consider their money safe under the jurisdiction of such a man and his bought and corrupted cohorts, who are making up the rules as they go along to slap down anyone who points out the truth?

    Because the UMNO leadership control the local media, these goons are still living in a mental bubble, telling themselves that they can keep up their crackdown and eventually obedience and order will reassert itself in their favour. But, this is not Operation Lalang, not least because Mahathir was competent and everyone can see that Najib is not.

    Najib may succeed in continuing to hold on to power by attacking protestors, locking up the opposition, encouraging extremism and violence and then cheating the election, but the price will be a tumbling ringgit and poverty for all. Malaysians are used to a better life and they will not thank UMNO for this.

    Comment by N Veranji — November 29, 2016 @ 9:56 AM | Reply


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