BN 13th General Election Manifesto does not address the macro-economic problems of 4Ds
Caretaker Prime Minister Datuk Seri Najib Tun Razak had unveiled BN’s manifesto yesterday expressing confidence in winning the next general elections with sweeping promises of cash handouts and incentives. However what is striking is the similarity between the “copycat” BN manifesto which appears to be copied straight from the PR Manifesto of Pakatan Harapan Rakyat especially on:-
reducing car prices,
increasing police personnel to fight crime,
a pan-Borneo Highway stretching 2,300 km from Sematan, Sarawak to Seruding, Sabah; and
making all prices of goods uniform in Sabah, Sarawak with Peninsular Malaysia.
BN’s manifesto clearly overlooks the 4Ds problems of Deficits, Debts, Deceit from corruption and brain Drain which has caused Malaysia to be caught in a middle-income trap. Many find it hard to believe that in 1966 Malaysia’s GDP per capita of USD350 was ahead of South Korea’s USD130. Almost fifty years later, Malaysia has improved to USD9,977 whilst South Korea jumped further ahead of Malaysia to USD22,424.
According to the Washington-based financial watchdog Global Financial Integrity, Malaysia has seen an illicit capital outflow of RM872 billion over 10 years from 2001 to 2010, behind Mexico’s RM1,450 billion and China RM8,360 billion. However, if we view the statistics in per capita terms, Malaysia is actually the world champion of illegal capital flight. Over 10 years from 2001 to 2010, every Malaysian has lost RM31,000, while every Chinese in China lost RM6,400.
Instead of giving out loans to farmers who breed cows, the family of a Minister who has never reared a cow is given RM 250 million loan, which is misused to buy condos. We can see some of the worst excesses in Sarawak where wealth controlled by families of state government leaders are openly flaunted.
Such corruption has only exacerbated an existing brain drain. Since Merdeka in 1957, more than 2 million Malaysians have left the country. There have been no concrete efforts to arrest the brain drain much less reverse the brain drain.
Our debt has worsened. As of 31 December 2012, Federal government debt stood at RM 502 billion which is an increase of 89% as compared to end 2007 debt of RM266 billion. Deficit has also worsened. The Federal government projected deficit in the 2012 budget of RM 59.7 billion is the highest in Malaysian history.
The last time this country ran a budget surplus was in 1997 when Anwar Ibrahim was the Deputy Prime Prime Minister. Since 1997, we have experienced 15 consecutive years of budget deficits, which is why we want Anwar as the new Prime Minister to turnaround the deficit budget into a surplus budget.
In contrast to BN’s dismal financial performance, PR state governments have recorded surplus after surplus every year and even managed to reduce our debts sustainably. Penang reduced our debts by a whopping 95% or RM600 million from RM630 million at 8 March 2008 to only RM30 million by end 2011.
All this was achieved by running a clean government based on CAT governance of competency, accountability and transparency. In contrast we have a Sarawak Chief Minister who escapes unpunished for not only refusing to co-operate with Malaysia Anti-Corruption Commission(MACC) but also condemns MACC as dishonest and naughty.
Unless the BN manifesto addresses the 4Ds issues of debt, deficit, deceit from corruption and brain drain, BN’s “A promise of hope” is merely an empty promise.
