1. I had a chat with my brother last weekend during our family luncheon. He pointed up the fact that we are currently jeopardizing our posterity’s sustainability to live, in the name of development, economic improvement and quality of life.
2. We have to admit the fact that we, the Malaysian is currently borrowing lots of money for our nation’s sake. The culture of taking debt for our current consumption is a norm and applied by the lowest income to our leaders, the people who run the country. I am not talking about bonds, sukuks or any commercial notes issued by the Government to fund the nation’s budget, but also how we use the debt at our nucleus level of family, such as credit cards, housing loans, personal loans and so on
3. Nevertheless, some of our generation defended the notion that, such debt need to me made for our economy to grow, improve the quality of life and subsequently prepare for our posterity in terms of assets and financial capacity for them to benefit later.
4. Based on the latest economic metrics, our nation’s debt is still below the ceiling point of 55% of GDP. But not many know that the figures just involve direct debts and not include the contingent liability, government guaranteed loans & bonds and future commitment from various concessionaires through Private Financing Initiatives (PFI)
5. I personally agree with the PFI’s concept. I had an experience working as PFI Consultant before, though it is short, but I learned quite a good deal of it. It is one of the way our Government to save lots of money and the savings could be used for other means such as Education, Healthcare and Security. For example, the PFI project for infrastructure, we have to acknowledge that the Government is not in a business of building, constructing infrastructure per se, it is better the Government to hand it over to experts in construction industry to do it and the Government pay them in staggered basis over the next 20-30 years. Again, I reiterated, it is a good mechanism, it will lower high CAPEX cost and put the Government in a better position to manage their cash.
6. However, in our country, despite talking about the commitment for our children’s children, we are busy criticizing on the select few who benefited from the PFI contracts. We are busy fighting, shouting, demonstrating on how this “politically-related” group reap millions or billions on Ringgit Malaysia. We are busy proving the lack of transparency and accountability in the due process for the PFI contracts.
7. I am not saying it is NOT IMPORTANT. I do believe in high accountability and stringent process for any Government’s procurements and contracts. Such tragedy will distort the market and made the wealthy richer and richer.
8. I am in this post, feel it is better we put our thoughts on the responsibility of as a parent. I urge we as parent, a caretaker of current government, a generation that run the nation, put the RESPONSIBILTY issue back at the main debate table.
9. ARE WE A RESPONSIBLE PARENTS? ARE WE HAPPY TO PASS DOWN THE DEBT THAT WE CREATED TO OUR CHILDREN’S CHILDEN? ARE WE SATISFIED WHEN WE WATCH OUR POSTERITY TO BEAR THE BURDEN THAT WE TOOK SO WE CAN LIVE BETTER AND THEY WILL PAY FOR IT?
10. Friends, family and learned Malaysian citizens. I just want to highlight the fundamental responsibility or Amanah, given by God to us, that is we must take care our children and give them better than we have.
11. I am a avid observer of US and UK politics. There, regardless whether you are Republicans or Democrat, Labor or Conservative, Socialist or Liberal, any candidates for any offices, be it the President, Senator or the Congressman, they will speak about the Posterity’s Financial Dilemma. Watch any stomp speeches, debates, they will said that they and the party will not made the children’s children bear all the burden.
12. I hope, in this coming Budget 2015, the Government will put serious efforts in their Fiscal Consolidation exercise. I hope the Government will put their utmost attention in reducing the federal deficit and work diligently with Bank Negara Malaysia and industry to trim down both National Debt and Household Debt. I believe in our PTD’s in Ministry of Finance to come out with great plans and I pray our politician regardless parties will put their differences aside and start act together and become a responsible guardian and caretaker of this great nation.
13. Please, just put the issue of being a responsible parent back in the national debate agenda. I don’t want to be called a ruthless and irresponsible parents, surely I don’t want to see my children’s children suffer a financial difficulty and by God not, the financial calamity in the future.
Regards
Azwan O
No comments:
Post a Comment