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Repaying RM48bil 1MDB debt last year means people-centric projects missed out, says PM
The Star
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7/22/2024
The payment of RM48bil in debts incurred by 1Malaysia Development Berhad (1MDB) last year could have been better used for other purposes to benefit the people, says Prime Minister Datuk Seri Anwar Ibrahim.
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00:00
What else is our problem?
00:02
Our problem is that the country is in debt.
00:07
I know that many of my colleagues, especially those in the banking sector,
00:11
are quite bored when they hear the question of debt.
00:14
But that is the reality.
00:16
We have a high debt,
00:19
and the deficit has increased from more than 6.4% in 2020-2021,
00:29
to 5.6% in 2022.
00:33
And when we look at this assessment,
00:36
we say that we cannot maintain such a deficit.
00:42
If we look at the macroeconomic framework,
00:46
reducing the deficit means no increase in income.
00:50
That's a problem.
00:51
Or reducing debt, but the income remains at the old level.
00:57
That's also not possible.
00:58
That's why, when we make a decision,
01:02
in 2023,
01:05
the deficit will decrease from 5.6% to 5%.
01:11
This is a challenging effort.
01:14
It's not easy, because the people's expectations are rising.
01:21
Especially when the leader is said to be a reformist.
01:29
So people say, what is reformism if we don't get the result?
01:32
The result is not possible in one or two years.
01:35
Because the result is in a state of a rising deficit.
01:42
So we have to follow our efforts,
01:47
our situation, and our ability,
01:52
so as not to burden the people,
01:55
especially the poor and the upper class.
01:59
Whether they are poor in the city, village, or inland.
02:04
So for 2024,
02:08
we will reduce the deficit from 5% last year to 4.3%.
02:20
Because the country must be managed properly.
02:24
And I know this is not something that can be understood,
02:28
understood, or supported by the people.
02:33
Because the people expect direct compensation from them.
02:37
They don't care whether the debt is big or not,
02:40
or whether the deficit is rising or not.
02:43
So if you want to be popular,
02:45
what is my fault? I just take the debt.
02:48
I give it.
02:49
Another debt.
02:50
I give it. It looks popular, but
02:52
is this the attitude of a leader who is responsible?
02:56
For example, when I say debt,
02:58
how much debt do we pay?
03:03
Pay the debt for 1MDB,
03:09
compared to last year.
03:11
1MDB debt is Rp48 billion.
03:18
Imagine if we can spend Rp48 billion for development,
03:23
schools, clinics, universities,
03:27
including salary deductions.
03:33
This is Rp48 billion.
03:35
So can I say,
03:37
no, I don't care, this is an old administration.
03:40
I don't care, I don't want to pay.
03:42
I can't.
03:44
So even though I am the Prime Minister now,
03:47
I am also tied to some excessive decisions.
03:50
That's why when I want to make a decision,
03:52
with my colleagues,
03:54
I have to think not just now,
03:56
but the burden for the administration and the next generation.
04:01
So from Rp100 billion last year,
04:05
our budget is down to Rp86 billion.
04:09
And this needs to be reduced.
04:11
If we reduce the way we spend,
04:14
then we can't continue with our development agenda.
04:20
Universities must be developed.
04:23
How many new disciplines,
04:24
artificial intelligence and digitalization must be introduced.
04:29
Schools must be provided with new facilities.
04:33
And sometimes we have to fix toilets last year.
04:39
How many school toilets?
04:40
Rp8,600.
04:42
It's broken.
04:43
Imagine, Malaysia,
04:46
a great country,
04:48
toilets for our children and grandchildren,
04:51
can't be used.
04:53
Half of it,
04:54
that's why sometimes they give it to professionals in the city.
04:57
Including chartered accountants.
05:02
I want to also share and appreciate
05:06
the stark realities that we have to face.
05:09
Can we just ignore?
05:11
We cannot.
05:12
But we require funds.
05:15
But we start with the basic necessity,
05:17
requirements of our people,
05:19
which includes lavatories,
05:21
which includes public housing.
05:26
So I hope this must be understood.
05:30
The important thing is,
05:31
do we have to continue to pay debts?
05:33
We cannot.
05:34
We must reduce the amount of debt.
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