Page 65 - PH Manifesto English

Promise 29: Enhance the transparency and integrity of the

budget and budgeting process

The country’s annual budget is a mechanism to ensure the

government has a coherent and sustainable plan for the country. But UMNO
and Barisan Nasional under Dato ' Sri Najib Tun Razak has reduced the

budget speech to merely a populist announcement.

UMNO and Barisan Nasional even set up a variety of Special Purpose

Vehicles (SPV) to hide certain expenditure, preventing the public from

knowing the country’s real financial status. Mega projects such as the MRT,
LRT Extension, LRT Line 3, ECRL, High-Speed Rail (HSR) and Pan Borneo

Highway, are a few examples of hidden expenses using the name of the SPV.

When these companies borrow money, their loans are guaranteed by the
government. As a result, these contingent liabilities almost tripled, from RM

84 billion in 2009 to more than 200 billion at the beginning of 2018.

UMNO and Barisan Nasional transferred expenditure to build schools and

police quarters to GLCs such as Pembinaan BLT and Pembinaan PFI. The

large debts incurred by these companies are hidden from the public as they
are not mentioned transparently in the budget speech.

All these create a time bomb that can bankrupt the country if not addressed

promptly.

The Pakatan Harapan Government will improve the transparency of

Malaysia’s financial administration and we will implement a more

responsible budget. We will take into account the recommendations of
international bodies, such as the International Budget Partnership to

improve the process of preparing the national budget.

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