That sinking feeling … Najib’s position looks increasingly untenable

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Limbo low now, how low can we go – before things get better? (By the way, where is Jho Low now?) Everywhere you go, you hear gloom about the state of the economy – and this public sentiment is not without basis.

The following graphs speak volumes about the state of affairs of the country:

Malaysia’s external debt stood at a staggering RM745bn in the fourth quarter of 2014. And that would exclude contingent liabilities and off-budget/off-balance sheet items. This is the graph for the last five years:


Source: tradingeconomics.com

Felda Global Ventures share price under Isa Samad’s stewardship:

Remember how Pakatan campaigners were blocked from entering Felda schemes in the last general election campaign?

And this is the Tenaga Nasional Berhad share price (last three months) amidst concerns over the pricing of any power plants to be acquired from 1MDB.

Poor, poor TNB, hammered by the IPPs before and now facing the fallout from the uncertainty over 1MDB. Guess who ultimately pays for all this…

And this is the share price for MAS Bhd:

Oops, sorry, no share price available as the firm is already kaput and delisted. MAS had reportedly lost some RM20bn of public money since 1994.

RM per US$1 exchange rate for over the last year. Speaks for itself:

Malaysian Ringgit to US Dollar Exchange Rate Graph - May 27, 2014 to May 26, 2015

Where has all that money gone? Over RM1 trillion (yes, we have graduated to trillion from mere billions) vanished before our eyes over the last decade:

illicit outflow of funds until 2012

There are lots of other graphs that could be added to this collection, including the rising number of unemployed graduates, which stands at an alarming 161000 and which can only rise further given the freeze in the recruitment of civil servants.

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But you get the picture.

Even without the 1MDB scandal, don’t you think it is time that Najib relinquished the Finance Minister’s post?

If the state of 1MDB is considered, then Najib’s position as PM (leaving aside the status of the 1MDB Board) looks increasingly untenable given that he is the chair of the Board of Advisors of 1MDB and Finance Minister as well. The buck has to stop with him. And he should appear before the PAC.

Can you imagine, if we had put public funds to better use, if public funds hadn’t been squandered through rampant corruption, cronyism, useless projects, and an enormous illicit outflow of funds, we could have been a first world nation by now with a fantastic social safety net (education, health care, public transport).

But no, a small group has become fabulously wealthy instead, while so many households are struggling to meet basic needs.

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gerak khas
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gerak khas

Shares of Malaysia’s Felda Global Ventures Holdings Bhd (FGV) fell to a record low today, after analysts said its plan to spend around US$680 million on a stake in Indonesia’s PT Eagle High Plantations Tbk was expensive.

owc
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owc

Bad news for Felda folks!

Palm Oil Inventories Climb to Six Month High

Higher output and lower-than-expected exports in May resulted in a 2.5 percent on-month increase in stockpiles. Bloomberg TV Malaysia’s Sophie Kamaruddin and Han Tan discuss the factors behind the data.

tunglang
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tunglang

I now pay higher for goods & services. Pay GST for almost anything under the sky. Pay a higher price for fuel. Pay higher for anything imported. Is this the freedom price for being a Malaysian after the first Merdeka? What kind of future are we now paying for? Maybe Mahathir’s 2020 Vision may turn out to be An ASEAN Beggar Nation. Isn’t it time to overhaul the entire engine (for leakages & wastage) or to change the entire running engine for a better & safe & sound ride into the future? At this point in time, real pain (to… Read more »

pavenjit
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pavenjit

No need to complain, just opt for UBAH!
ABU!

tunglang
Guest
tunglang

You are here to complain also, don’t you? Otherwise, dare to do it in your own Facebook.
As for UBAH, can’t count on it. There can be other better alternative. Don’t be miserably helpless counting on one formula & pray insanely.

jericho
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jericho

Your Ringgit sank further against Singapore Dollar on the eve of SEA Games opening ceremony – RM2.75 for 1S$, as 1MDB crisis deepens.

Don Anamalai
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Don Anamalai

According to Utusan, Najib told members of his Cabinet who were not with him on the 1MDB issue to resign, but not one person did so. It is highly unlikely that those self-serving ministers want to leave the gravy train when they’ve been on it for years, with zero conscience for the plight of the rakyat.

gk ong
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gk ong

“If only rubbish are supporting Najib, then he will also drown in a heap of trash.”
– Zainudin Maidin.

iSupercally
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iSupercally

But then you have a sampah speaking. You know what he will be swept off.

gk ong
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gk ong

Felda settlers have rejected Felda Global Ventures Holdings Berhad’s (FGVH) explanation that the fall in share prices and the company’s poor performance were partly due to severe floods late last year which affected its plantation operations.

National Felda Settlers’ Children’s Association (Anak), a group that represents settlers and their families, is also worried about blowback from the plunge in share prices, which have fallen by more than 50% since it was listed three years ago.

Anak president Mazlan Aliman said the severe flooding occurred in Kelantan, which does not have much oil palm plantation.

pavenjit
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pavenjit

Year over year, Felda Global Ventures Holdings Berhad has seen their bottom line shrink from RM982.3M to RM325.5M.

owc
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owc

Skandal 1MDB terbongkar:

GST Wujud Sebab Hutang 1MDB Terlalu Banyak

johanssmKhunPana
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johanssmKhunPana

name just one thing that Najib & his administration did right (or acceptable).

gk ong
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gk ong

“Regarding Bank Negara’s refusal to provide information on the report from Money Authority of Singapore, if it is found to be protecting lies about 1MDB’s money that is said to be in Singapore, then this is also a crime under the country’s laws,” wrote Mahathir in his blog chedet.cc. as a warning to Zeti who has been seen to protect 1MDB.

Phua Kai Lit
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Phua Kai Lit
Yang
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Yang

Phua ; Why don`t you check it out according to Najib. You must be joking when they are now adversary. Are you patting on Mahathir as God sent !!!

owc
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owc

Najib provided were merely manipulative figures and statistics to paint a rosy picture that Malaysia will achieve a high income nation by 2020. The federal government revenue is forecasted to increase from RM1.05 trillion in the 10MP to RM1.408 trillion in 11MP, however the oil-related revenue is expected to decline from 21.5 percent to 15.5 percent. Where will the additional RM358 billion come from? The Goods and Services Tax (GST) is only expected to bring in additional RM79.5 billion compare to the Sales and Service Tax (SST) over the next five years. Is Najib’s administration going to increase the income… Read more »

gk ong
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gk ong

Najib should just dispose all the available 1MDB assets (he claimed be be worth RM52 billion), then pay off the RM42 billion debt, and put the remaining amount to good use to build low cost housing. He can the relinquish his Financial Minister portfolio, and focus his remaining days as PM to bring down the nation’s debt.

OM Saigal
Guest

Dr M has gone past use-by date……..its all over old odd fella…..
One cannot compare our nation to S’pore, with no transparency and accountability.

Ben10
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Ben10

Malaysia wanna depend on domestic growth meaning more public spending to spur the economy. This looks great but actually we incur more domestic debt exceeding 55% of GNP deemed dangerous!
Lim Kok Wing to come up with more jingles to hoodwink the rakyat?

ktwong87
Guest

Whilst Najib’s goose is looking like more than cooked… crispy even… and I cannot wait to see the last of him and his wife… Bloomberg has this report which seems to offer some glimmer of hope for the long-suffering rakyat: Moody’s Sees Malaysia Soft Landing With 1MDB Pain Contained http://www.bloomberg.com/news/articles/2015-05-27/moody-s-sees-soft-landing-for-malaysia-with-1mdb-pain-contained In part, it says: Moody’s Investors Service said financial woes at state investment company 1Malaysia Development Bhd. aren’t a sign of broad-based distress, with government-linked corporates and other debt issuers seen withstanding the country’s economic slowdown. The Malaysian economy is expected to have a “soft landing” with growth easing to… Read more »

Linda
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Linda

Yes, that sinking feeling. With the economy not showing us the positive vibes, so goes the social issues like the deaths of Rohingyas in Perlis that put Malaysia in bad light…again….

Phua Kai Lit
Guest
Phua Kai Lit

1. You can fool some of the people some of the time.
But you cannot fool all of the people all of the time.

2. Those who cannot understand Cantonese can ask a
Cantonese friend what “pai kaar chai” means

iSupercally
Guest
iSupercally

Exactly, that goes to the two jokers Puua & Lafizi

bigjoe99
Guest

The scary part is not even the national debt level, its the debt of household that is UNPRECEDENTED ANYWHERE IN THE WORLD..Najib basically squandered the boom from China and Fed money printing even before it ended. Their only option in a slow-down is to raise taxes and borrow more – when the household can’t take it anymore. Its already going to happen because Najib is already committed to big projects that are all money loser such as MRT, LRT3, HSR. that will have to be bailed out..

gk ong
Guest
gk ong

The local education system is designed such that the students are not able to think based on facts and understand the implications of those graphs as presented by Anil. The mainstream media hide the painful truth from the rakyat.

Tomorrow we will see those 47% of rakyat rejoice when receiving the 2nd dose of BR1M tonic, and soon they will sing-a-long to those (to-be-released by LKW production team) patriotic (to BN regime) jingles to reaffirm their ‘terima kasih’ and 1M4U to Najib.

iSupercally
Guest
iSupercally

The BN govt is always fair. The 53 per cent will also get,to benefit unlike the CAT that give the RM 100 to senior citizens who must be Registered voter. This is enticing unlike brim that help the poor

owc
Guest
owc

The mainstream media dare not discuss the graphical trends as shown by Anil.

Shabery Cheek should know that they are good topics that the local TV shows like Agenda Awani (Astro), Landskap (TV1) or Soal Jawap (TV3) should discuss.

Michael
Guest

El Dorado no more.

iSupercally
Guest
iSupercally

Mahathir was also untenable but he gone on to be PM for 22 years