SIBU, Dec 21: With debt amounting to RM1 trillion, the country cannot go on borrowing much more if it wants to be a developed country, says Bawang Assan SUPP chief, Senator Robert Lau.
Lau in a statement today said he hoped that the new unity government can face the challenge of reducing the country’s debt and budget deficit head on.
His issued the statement after he was unable to participate in the debate on the mini budget in the Dewan Negara today as it was limited to only five participants.
“The new Prime Minister, Datuk Seri Anwar Ibrahim, said the new budget for 2023 is to be tabled in February 2023. His work is cut out for him for the next two months. The big elephant in the room is the huge amount used to pay for interest on the country’s debt which stands at more than RM1 trillion.
“This payment alone takes up 26% of the total budget,” said Lau.
Lau also advised that the country cannot depend on its natural resources, in particular oil and gas as its source of revenue.
“If we look at our source of revenue, a big percentage comes from natural resources, in particular oil and gas. This is nature’s gift and cannot be counted on forever. We need to be a productive and competitive country,” he said.
Lau added that the new government will have to ensure its policy is in line with this effort of pushing it’s productivity upward.
The one-day sitting of the Dewan Negara today was to approve this temporary measure in the mini budget for the payment of expenditure year 2023 until Budget 2023 is approved and comes into operation.
This temporary budget totals RM108 billion.
The three biggest items are the Treasury General Services at RM28 billion, Ministry of Education at RM25 billion and Ministry of Health at RM17 billion. — DayakDaily
