PETALING JAYA, Dec 20 — The Najib administration sold and mortgaged national assets to hit its 4 per cent deficit target for 2013, a move that PKR’s Rafizi Ramli described today as “shocking” proof of Putrajaya’s poor fiscal management.
The Pandan MP cited the latest World Bank report on Malaysia to back his claim, noting that it had said the Najib government will achieve the target to reduce its deficit to 4 per cent through non-tax resources that included RM1.4 billion gained from “asset sales” and RM4.2 billion from “securitization of government mortgages”.
The report, entitled Malaysia Economic Monitor: December 2013, read:
“The government is expected to meet is headline deficit target for 2013 as additional non-tax collections offset higher expenditures on subsidies.
“Despite estimated operating (current) expenditures exceeding their budgeted 2013 allocations by RM14.3 billion (7.1 per cent) and slightly worse GDP growth compared to the previous year’s forecast, the government reaffirmed its headline deficit target for 2013 (4.0 per cent vs 4.5 per cent in 2012).
“This target will be achieved through additional tax revenues. Of the additional RM11.8 billion in revenues expected to be raised...RM7.4 billion originated from non-tax sources, including RM1.4 billion of proceeds from asset sale and RM4.2 billion from the securitization of government mortgages”.
Rafizi called the revelation “shocking” as the Najib administration had resulted to selling and mortgaged national assets “to bear its excessive spending and wastages”.
“I suspect the plan to sell national assets have already occurred because it is intended to achieve the 4 per cent target deficit for 2013 which actually had failed.
“This means national assets have already been sold and mortgaged so that it would gain returns in 2013 to close the national income and spending gap,” he said.
Rafizi added that the move to sell national assets would have sparked an uproar in other countries but the Malaysian media had apparently neglected the revelation.
“It seems that only a few are that are taking this matter seriously and it’s all jolly good in Putrajaya”. (here)
How SHOCKING!!!! Securitization of Government Mortgages!!!!!!
Dude lu naik bas nombor brapa beb?
This SHOCKING SECURITISATION is a long term program since 2004 Dik oi....cuba la baca sikit sebelum lu bukak mulut celupar lu tu....
Mai sini gua ajar lu sket....
Check out the 1st Transaction done in 04...
Huh camne skarang.....still SHOCKED????
Poyo la lu Mamat....
Baru baca muka surat 10 World Bank report dah kecoh sekampung
|Source WB (here)|
When it first came out....I tot it was a good way to unlock future value of the said assets....it helps bring add on liquidity into the market...
9 Years after some cikurat rookie MP is SHOCKED!!!!
Now I'm SHOCKED with HIS KEBODOHAN.....gua memang tahu lu bangang....tapi hari ini punya press conference tops it.....you sincerely deserve a pat of your backside dude...don't mind outsourcing that to Hantu Raya Perut Buncit