One of the key propaganda messages most used by PH and PN against me is that Malaysia's financial health and debt were getting worse when I was Prime Minister.
I still read many comments from their supporters expressing this.
Actually, the reverse is true and I want to set the record straight so that you are no longer deceived by PH.
When I was PM, the government deficit was reduced for 8 consecutive years (bottom chart) but became bigger again after GE14.
As a result, government debt increased from RM688.6 billion as at end 2017 before GE14 to RM1.05 trillion as of 1st quarter 2022 - a staggering 46.5% increase in less than 4 years.
As a result, the debt to GDP ratio for Malaysia was also reduced every year and reached 48.7% as at Q1 2018 just before GE14 - way below the statutory limit of 55% that the BN government set for itself.
Post GE14, the debt to GDP ratio increased again under the PH and PN government.
The statutory debt limit was then raised twice to 60% and then to 65%.
Since GE14, the debt to GDP ratio has jumped from 48.7% to 62% as at end 2022.
Both the government deficit and debt to GDP ratio would have been higher if PH did not then excessively raid the RM176b cash reserves of Petronas left behind by the BN government compared to the RM30b cash when I started as PM.
Imagine that in the year 2019 alone, PH took RM54 billion from Petronas.
(Imagine this: They can just take RM54 billion in one year alone from Petronas and yet they tell you that Malaysia will go bankrupt due to 1MDB's RM32 billion debt which was only needed to be paid by year 2039?
On the contrary, 1MDB's RM140b Bandar Malaysia and the RM40b TRX projects alone would have generated more than enough cashflow as it is gradually developed to pay for the RM32 billion and still generate tens of billions in profit for the government).
"March 2019: (Updated) Petronas to pay RM54 billion dividend to govt"
https://www.nst.com.my/business/2019/03/467229/updated-petronas-pay-rm54-billion-dividend-govt
Despite both the government deficit and debt to GDP ratio reducing for 8 consecutive years, the BN government was still able to build all sorts of large public infrastructure projects such as MRT, LRT1 and LRT2 extensions, the toll-free Central Spine Road highway, the toll-free Pan Borneo Highway, introduce various forms of aid including introducing BR1M at RM500 in 2012 which was then raised almost every year to RM2,000 by year 2018.
The share market doesn't lie. That is why the share market more than doubled during the 9 years I was PM and reached its highest ever level at 1896 points in April 2018 just before GE14.
And this is why people like Kit Siang would not dare debate me about such stuff as these are all facts and figures. Should they be confronted, they will be forced to admit they have been lying.
Write-ups and graphs are from here:
https://focusmalaysia.my/malaysia-to-see-wider-fiscal-deficit-in-2022-amid-heavy-subsidies-spending/
