Malaysia Today - Your Source of Independent News
Malaysia Today - Your Source of Independent News |
- Mahathir is cause of 1997 Financial Crisis Thru Mismanagement
- Response to the Alumni of Yayasan Selangor
- Malaysia’s World Bank loans
| Mahathir is cause of 1997 Financial Crisis Thru Mismanagement Posted: 20 Dec 2011 02:25 PM PST Mahathir is NOT an Economist and had NEVER faced such a Financial Crisis BEFORE. Therefore, Mahathir did not know the solution. By Dr Robert Chan In 1995, World Bank, IMF and Economists warned Mahathir Mohammad the Prime Minister that if Malaysia did NOT manage its economy and finance properly, it would suffer the same fate as Mexico whose peso plummeted very seriously. Instead of finding out WHY and HOW to prevent the situation, Mahathir immediately rebutted and scolded them by saying that they were jealous of Malaysia's development and economy and they were trying to embarrass us. In 1997, when the Financial Crisis hit us, we were all shocked. Mahathir did not know what had happened and therefore did not know what to do. Mahathir and his Ministers were confused by the various statements that they made. Apparently, Mahathir spent billions to support the currency ringgit but was unsuccessful. When US Secretary of Treasury, Robert Rubin came, his advice was sought. Robert asked Daim and Mahathir to reduce interest rates. Daim is only a Lawyer and a businessman. He is no great Economist. IF Mahathir and Daim claim that they are experts in Economics and Finance, I would like to give them a Test - Theory and Viva. Professor Paul Krugman wrote an open letter to Mahathir asking him to implement the Exchange Control. Finally, the value of the Malaysian currency RM fell by more than 50% from RM2.50 to RM3.80 to USD. Mahathir is NOT an Economist and had NEVER faced such a Financial Crisis BEFORE. Therefore, Mahathir did not know the solution. He took advice. Rumours in KL said Nor Mohamed Yaacop was responsible for the loss of US$10 billion in currency trading!!! Ask the Bankers and his classmates in University of Malaya. Malaysians became poorer by more than 50% because the idiotic Prime Minister Mahathir was stubborn. So what so great about Mahathir??? When I was in Britain there was a Debate where Nobel Prize Winner Milton Friedman, Margaret Thatcher British PM and etc participated in discussing the Economy of Britain. Milton Friedman and Margaret Thatcher both said, "You cannot spend money you have not earned." Even a normal housewife knows that. She will run on a budget. A housewife is given a certain sum of money a month by her husband to manage the family and house. If she over-spends, she will be scolded by her husband. Most of the time, the housewife will spend less than what was given so she has some money for rainy days!!! A normal housewife can manage the economy better than Prime Minister Mahathir. Mahathir the Prime Minister ran current accounts deficits for several years with little reserves. Mahathir blamed everybody except himself. Mahathir had to find a scapegoat and he pointed his finger at George Soros. Mahathir is good at finding scapegoats!!! When Malaysia was in the midst of this Financial Crisis 1997-8, he led a huge delegation to Argentina. WHAT FOR??? He should have stayed at home to LEARN ABOUT THE CRISIS, its causes and its remedies. But he did not care!!! If a Japanese PM did that, he would be forced to resign. Mahathir did NOT treat the people with respect. His attitude is, "I can spend the peoples' money any way I like. What can you do? I am the PM. I have the power." Mahathir travelled around the world more frequently than the US President or any leader of his time, using the nation's money. Mahathir also went to Antartica and Vladivostock!!! He can justify anything. After retirement, he admitted the 1997-8 Financial Crisis was the biggest headache he ever had as PM. When I went to Argentina for a holiday, I was told by some Argentinians that our Prime Minister, Ministers and businessmen had bought properties in Argentina. Is that the reason WHY Mahatir (after retirement) flew to Argentina using a "private jet"??? Whose private jet was that??? Mahathir is an arrogant and stubborn person. Mahathir built the crooked half bridge without first getting Singapore to agree and sign the Agreement. Now the half bridge, hanging in the air, is rotting in the sun. Mahathir wasted RM350 million of the peoples money. But he doesn't care. He always said he did not care. See how stubborn and idiotic he is. Mahathir is an irresponsible Prime Minister. The RM350 million could be used to build 3500 homes for the poor Malays. These homes could accommodate about 18,000 people. Are Architects and Engineers taught in Universities HOW to build crooked half bridges??? I don't think it is in their curriculum. I think it is unethical for Architects and Engineers to build HALF bridges. Who made the MONEY from building the HALF bridge??? Mahathir built the RM600 million Convention Hall in Putrajaya for the OIC Meeting. Now it is hardly used. Such a waste of money!!! Why doesn't Mahathir use the KLCC Convention Hall or PWTC Halls or other big Halls in KL? Because Mahathir just doesn't care. |
| Response to the Alumni of Yayasan Selangor Posted: 20 Dec 2011 07:34 AM PST MAKLUM BALAS BERHUBUNG PENUTUPAN SERTA PERPINDAHAN PELAJAR ASRAMA YAYASAN SELANGOR KUALA LUMPUR (AYSKL) En. Aina Hanim bin Lokman 6. Yayasan Selangor juga turut membantu membaiki kemudahan prasarana dan infrastruktur untuk sekolah-sekolah daif persendirian di Selangor. Yayasan Selangor telah menaja pelajar-pelajar di Maahad Tarbiyah Islamiah Al-Ansar di Berjuntai Bestari dan Pusat Pengajian Pondok Bustanul Ariffin, Kampung Labohan Dagang, Banting, Selangor. Tajaan ini adalah dari segi tajaan makan/minum, kemudahan pengangkutan ke masjid untuk solat Jumaat dan pembayaran bil utiliti. Disamping itu, Yayasan Selangor turut memberi sumbangan kepada program yang berteraskan pendidikan kepada rumah anak-anak yatim, NGO, PIBG Sekolah, program SPIES dan sebagainya. Program-program CSR juga dirangka untuk membantu anak-anak yatim, miskin dan golongan yang perlu dibantu serta diberi program secara berpusat. 8. Sehubungan dengan itu, Yayasan Selangor telah memperuntukkan pinjaman pelajaran bagi tahun 2012 iaitu sejumlah RM782,000 untuk pelajar INPENS. Peruntukan tersebut melibatkan RM430,000 untuk pelajar-pelajar baru dan RM352,000 untuk pelajar yang sedia ada. Pembiayaan ini menunjukkan bahawa Yayasan Selangor serius dalam usaha untuk memberi peluang pendidikan kepada pelajar-pelajar kemahiran supaya mereka mendapat pendapatan yang lumayan suatu hari kelak dan seterusnya membayar kembali pinjaman tersebut. 9. Yayasan Selangor sentiasa berusaha kuat untuk mengumpul pendapatan dan dana. Punca pendapatan ini adalah dari hasil sewaan ruang pejabat dan kediaman, projek usahasama, mengusahakan ladang kelapa sawit, pelaburan jangka pendek dan panjang, penyewaan kem-kem bina semangat dan PLKN dan sebagainya. Yayasan Selangor telah berjaya menjana pendapatan sendiri untuk perbelanjaan tadbir urus syarikat dan menjalankan aktiviti pendidikan dengan menaja pelajar-pelajar di asrama mahupun menaja pelajar-pelajar di menara gading dan program-program modal insan. Yayasan Selangor dalam usaha menjana lebih pendapatan agar lebih ramai pelajar dapat ditaja dengan projek pembangunan semula bangunan Yayasan Selangor di Bukit Bintang, Kg.Baru, pembangunan tanah di Presint 7 Shah Alam dan pembangunan tanah di Kampung Pandan. 10. Seluruh warga kerja Yayasan Selangor berazam untuk berusaha keras demi memenuhi tanggungjawab sosial sebagai pemangkin membentuk generasi berilmu dengan menawarkan akses pendidikan samarata kepada rakyat Selangor walaupun berdepan dengan pelbagai rintangan. Yayasan Selangor akan terus menjana dana untuk disalurkan kepada pelajar-pelajar dari peringkat sekolah pondok sehingga ke menara gading. 11. Yayasan Selangor juga telah memperuntukkan RM350,000 pada tahun 2012 untuk menaja 50 orang pelajar peringkat Asasi di UNISEL dan pada tahun-tahun seterusnya.
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| Posted: 20 Dec 2011 07:22 AM PST Dr Mahathir Mohamad The accusation that I wrote to the World Bank asking for loans is baseless. But Malaysia had been borrowing project loans from the World Bank since 1958. The last negotiations for the loans were made in 1997. These were for projects in: a) Education sector US$244 million (RM756 million) b) Social sector US$60 million c) Technical sector US$100 million The currency crisis also began in 1997. Naturally the loans were not approved until 1999 when the crisis was over. The usual sequence is for application for a loan to be made, followed by negotiations. Approval would be given by the bank later. The World Bank wanted Malaysia to request for loans to tide over the crisis like the other countries affected by currency trading. The loans would be conditional upon Malaysia following IMF advice on economic management. It is well-known that Malaysia refused to seek IMF or World Bank help because the so-called help would worsen the financial situation. Instead, in 1998 Malaysia imposed currency control which helped it to recover. In June 1998 (before currency control and while Anwar Ibrahim was still Minister of Finance) a loan for US$300 million was signed with the World Bank for: a) Fund for Food Programme b) Higher Education Loan Fund c) Microcredit Programme By 31st March 1999 a loan of US$100 million was signed for Technical Assistance and for overcoming Y2K problems. However, this loan was stopped after drawing down US$11.94 million. Of the US$244 million Education Project which was approved in March 1999, payment was ordered to be stopped after US$216.7 million was drawn down. Of the Social Sector loan of US$60 million, approved in March 1999, only US$600,000 was drawn down before it was stopped. As the whole world knows, Anwar was reported in the press and foreign magazines for implementing the IMF policy without the IMF loans. He raised interest rates, reduced the period for declaring loans non-performing from six months to three months, reduced budget allocation to ministries so as to achieve a budget surplus, etc. Although he did not oppose currency controls, his appointees as governor and deputy governor of Bank Negara refused to implement the policy and resigned. Tan Sri Zeti Akhtar Aziz was then appointed as Governor of Bank Negara Malaysia. As stated above, Malaysia stopped the draw down on loans negotiated with the World Bank in 1997 and June 1998. This did not stop Malaysia from recovering from the crisis. At no time did I write a letter or verbally request for loans from the World Bank. If Anwar can show evidence that I did, he should. Failing that he should swear on the Quran in a mosque that he knows what he says is true. I am prepared to swear that I never asked for loans from the World Bank. — chedet.co.cc * Tun Dr Mahathir Mohamad was prime minister from 1981 to 2003
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