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Najib is urged to explain to EPF contributors on the returns of investing USD3-4 billion in infrastructure redevelopment in the United States

I am appalled with the proposal made by Prime Minister Najib Razak to President Donald Trump on investing three to four billion US dollars in the infrastructure redevelopment in the United States at the bilateral meeting in the White House yesterday.

On top of that, Prime Minister Najib Razak has committed Malaysia to purchase 25 planes of the 737 MAX 10, plus eight 787 Dreamliners in the near future with the deal worth beyond USD10 billion.

These proposals are made at a time when the Malaysian government and the people are suffering from financial difficulties due to the slow-down of economy.

I wish to ask Najib:

  1. MAS is still struggling to recover from its huge deficits and debts. It has been retrenching staffs and selling off assets in the past years. Is MAS in the financial position to spend USD10 billion to purchase 25 Boeing planes?
  2. Can our Prime Minister use EPF fund of RM16.8 billion to invest in the infrastructure redevelopment of US without consulting the fund’s contributors? What sort of returns are the EPF contributors going to get out of this investment?

Last week, former deputy Bank Negara Malaysia (BNM) governor Tan Sri Lin See-Yan has voiced concerns over the economy, listing high national debt, a weak currency and dependency on cheap foreign labour as signs of economic fatigue.

Lin has also said that all the indicators are showing signs of fatigue. Growth is slowing down, and fundamentally, the economy needs restructuring.

Is Malaysia that cash-rich that it can afford to buy 25 Boeing planes plus eight 787 Dreamliners in the near future, as well as investing in infrastructure redevelopment in US now? Will these purchase and investment help to boost the current weak economic situation in Malaysia, or are they in exchange for greater investment from the United States?

Prime Minister Najib should explain to the rakyat, what are the objectives of his trip to US. Is this a shopping trip for him to show to US government that Malaysia can be its good purchaser of American made planes, and even can help to rebuild infrastructures in US?

Malaysians have a right to know as to what sort of possible investment benefits and returns has Najib brought back to Malaysia in this trip considering millions was spent by Prime Minister and his entourage on this US trip.

DAP National Vice Chairman & MP for Seputeh
Media statement by Teresa Kok Suh Sim in Kuala Lumpur on Wednesday, 13th September 2017