Our Nation is on the verge of Bankruptcy

According to Bank negara Malaysia's annual
report as at the end of 2004, the government's
external debt totalled Rm$34.7 billion while its
domestic debt is estimated atRm$181.9 billion.(nst. 28
July,2005.)If these figures are accurate and I have no
reason to doubt the authencity of Bank Negara's own
data base,then we can safely say that our nation is on
the verge of bankruptcy.A nation that is Rm$220
billion in debt cannot be viewed as solvent.
Malaysians must now ask our leaders how a
nation with so much natural resources end up being so
indebted?Were there lack of good governance, lack of
transparency and accountability that contributed to
this state of affairs?The crucial question is whether
our country was all along being financially
mismanaged?
In order to ascertain lack of good governance
we must first examine some policy decisions.Why was
lucrative highway contracts farmed out to private
enterprise with guaranteed future profitabilty?If
future profit is guaranteed why didnt the Govt. do it
themselves and divert the profits to the country's
coffers instead of benefitting private companies with
political connections?
Why was govt. contracts privately negotiated
and given at inflated price to contractors when a
public tender would save the govt.huge sums?Why did
the govt incur huge foreign and domestic debt to build
infrastuctural projects when it didnt had any funds of
its own?Why did the govt. forgoe revenue from excise and
custom duties by giving away A.Ps that benefitted a
few individuals that are politically connected to the
govt.
All these above questions remain unanswered and
must now be addressed.In view of our country' present
indebtedness, a comprehensive review should be
undertaken to introduce good governance,
transparency,accountabilty and good ethical
leadership.
Any attempt to introduce the N.E.P without addressing
the above weaknesses would be futile.