Malaysia's Road to Bankruptcy

This govt has lost its plot. Bad fiscal and financial management has led our country down the slippery slope to bankruptcy.And yet despite the warning signs of impending doom to the health of the economy, the govt continues to dish out cash to placate the masses so that it could secure another term of office.

The current National debt of $502.4 billion in 2012 has almost reached its apex legislated debt ceiling of 55% allowed under the constituition. But yet despite the alarming warning bells ringing, the govt continue to disguise their transformation schemes with a plethoria of goodies to its citizens in order to secure another term of office.
The hallmark of its failure to adopt prudent financial management was exerberated by its continuous failure to ensure that govt contracts on procurement of defence equipment and arms are done in a transparent manner. Hence , many of its purchases have been severly inflated at prices that do not seemingly reflect its market value.

This however is not only confined to defence procurement but this prevalent practice is symtomatic in practically all govt departments where all procurement are done in a manner that fails to meet any criteria of transparency.
In addition, govt contracts which are mostly negotiated are more often inflated to cover layers of commission for the persons dispensing the contracts.Hence, the result is poor,shoddy workmanship for completed projects and more often contributed to abandon projects due principally to insufficient funds to cover the project.
Lately, Najib has been pleading for another term so he can introduce many of his Transformation plans. B.N has been governing this country for 55 years. Whatever blueprint they had wanted to introduce would have by now been implemented. So the promise of radical change now is no longer tenable. The proper solution is to allow another new entity to govern for at least a term. From what we have seen in the present states ruled by the opposition, the results have been impressive. So its about time we hand over the reins of Putrajaya to the opposition for at least a term so that we can see if they can implement any change which B.N has so far fail to do.