Tag Archives: Debt

HIKAYAT PENYOKONG 1MDB

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HIKAYAT PENYOKONG 1MDB

Adapun hikayat ini terlalu amat lanjut. Jika dihikayatkan lagi, jemu orang yang membacanya. Maka asalnya disimpankan juga, kerana hikayat yang amat lanjut itu tiada gemar bagi orang yang berakal adanya.

Syahadan maka setelah melihat kesungguhan akan sekumpulan penyokong, yang siangnya berkata, malamnya bertinta akan sebuah syarikat pelaburan strategik bernama 1MDB, hikayat ini diriwayatkan kembali.

Disebutlah akan penyokong ini yang begitu hebat dalam menangkis sebarang tohmahan ke mana wang pinjaman RM42,000,000,000 telah pergi.

Menurut hikayat dari komen ke komen, apabila diasak dan didesak dengan timbunan soalan, diberikanlah jawapan bahawa ‘tunggulah laporan audit dan PAC dahulu’.

Disebutlah juga bahawa butiran perbelanjaan tidak boleh didedahkan kerana terikat dengan perjanjian kewangan.

Kendatipun begitu, sang Menteri Kewangan 2 serta Presiden 1MDB tidaklah perlu menunggu laporan siasatan atau disekat dengan sebarang perjanjian rahsia.

Arakian maka diadakan sesi soal jawab di TV dan ringkasan perbelanjaan disebarkan ke pelusuk media.

Amatlah kasihan melihat akan nasib penyokong-penyokong ini. Tuan sendiri telah ingkar hatta tidak menurut apa yang telah dikarut.

Adapun hikayat penyokong 1MDB ini terlalu jauh lanjutnya, tidak bernoktah setakat itu.

Kerana kebijaksanaan akal sang penyokong 1MDB, dikatakanlah akan perkara yang tidak terjangkau dek akal fikiran orang kebanyakan.

Setelah itu maka segera dikeluarkan cerita sesungguhnya rakyat jelata beruntung membayar bil elektrik murah. Dikisahkan bahawa bayaran elektrik hanya berjaya dikurangkan hasil pembelian IPP oleh 1MDB.

Syahadan apabila didengar oleh orang ramai akan hal-ehwal itu, bertambah hairanlah mereka dan lalu bertanya- tidakkah keuntungan pemilik-pemilik IPP sudah semakin berkurangan lamanya sebelum kewujudan 1MDB?

Tidakkah sebermula rundingan perjanjian IPP telah lama dilakukan sebelum tarikh 2012 yakni tahun 1MDB menjadi IPP?

Adapun dilondehkan pembohongan akan kisah elektrik ini, si penyokong 1MDB seraya berkata ‘1MDB ini baktinya pada masyarakat tidak kurang Lima Ratus juta ringgit’.

Gegak gempitalah sekalian negara terdengar hal tersebut. Apakah mungkin belanja menaja 2,300 jemaah haji, menukar tayar 67,740 teksi dan memberi 314 pelajar cermin mata adalah separuh belanja urus negeri Johor?

Hatta adanya syarikat gergasi seperti Maybank dan CIMB pun hanyalah melakukan kerja-kerja bakti tidak lebih RM22.7 juta dan RM11.1 juta setahun. 

Wujudnya kisah kebaikan 1MDB ini, ianya hanya diketahui melalui hebahan sang penyokong. Tidak terlihat walau sekali pun akan kisah ini dihebah hebohkan oleh pihak pengurusan 1MDB. Tidak jua ia disebut oleh Tuan Presiden sendiri di dalam rumusan perbelanjaan.

Demikianlah betapa hebatnya sang penyokong 1MDB. Ilmunya melebihi pihak 1MDB sendiri. Cerdiknya tidak boleh diikut dan dungunya tidak boleh diajar.

Benarlah kata pujangga:

Berburu ke padang datar,

Dapat rusa berbelang kaki,

Berguru kepalang ajar,

Bagai bunga kembang tak jadi.

Bisikkanlah kepada penyokong 1MDB akan petua orang tua-tua, bahawa kiambang adalah kiambang, biduk berlalu bertautlah ia.

Pesankanlah, jangan terlalu cepat menyokong kerana zaman berzaman, terlalu banyak musang yang berbulu ayam, yang banyak menyokong membawa rebah.

MatRodi

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1MDB AND IPP

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1MDB AND IPP

In order to justify 1MDB’s huge debt,the IPPs have become the convenient whipping boy for the 1MDB supporters to stir up public sentiment for the past few weeks.

IPPs have been portrayed as the leeches to the government’s coffer. And to deal with it, we need 1MDB and multi-billion debt.

Is that true?

Basically, it is due to the lack of transparency in the first generation of IPPs back in the 1990s when the ‘take or pay’ deal enjoyed by the IPPs seems unfair to the Government.

We must understand that when Malaysia experienced a national power crisis, it requires a quick and expensive solution which can only be made possible by private sector venture.

Because it involved multi-billion capital and the risks it undertook were thought to be incredibly high, the deal ‘take or pay’ was included.

It is strange to see at some of the  these IPPs which are now seen as “locusts”, were the “white knights” which had come to aid the Government to plant-up quickly, using private sector funding.

If not for the IPPs, the peninsula might have experienced more severe and persistent power outages in the 1990s and the 2000s as TNB did not deliver value and quality electricity to consumers.

Actually the ‘take or pay’ deal was only given to YTL Power. And YTL’s license will expire in this year hence there will be no more ‘take or pay’ deal to any IPP’s in Malaysia.

Why were the IPPs given subsidies when the people were not?

Actually the cheaper gas from Petronas for the IPPs and TNB is meant to benefit the people in the form of low tariff rates.

It is not like the IPPs or TNB can sell and trade the subsidised gas for their own profit.

In fact if there is no subsidy given to them, the people will have to pay the market price for electricity.

It means that all the ‘billions lost causef by IPPs’ that the 1MDB supporters keep harping about is actually went to the public.

Some may say all the IPP licenses were given to the cronies of one former Prime Minister. Hence, the IPPs are bad.

But cronies or not, the frequency and minutes of interruptions would have driven away many investors if the IPP solution was not initiated in 1990.

The involvement of IPPs in the power generation business had introduced efficiency besides contributing significantly towards stabilising the nation’s reserve margin.

Not only that, thousands of job have been created and today we proudly see some of the IPPs have ventured into the international market to do business in energy sector.

But the most important thing is, IPPs have brought competition to TNB in an industry that TNB had long monopolised.

Today, while TNB is the sole electricity distributor in this country, it is not the only electricity producer.

Given of all these contributions (and that is real), 1MDB supporters have to stop maligning the IPP as if they are the raison d’etre of 1MDB’s debt.

Please consider this:

The average returns for the first-generation IPPs were 17.8 per cent, while the second- and third-generation boasted average returns of 14.4 per cent and 11.7 per cent, respectively.

The fourth-generation IPPs is expected to reduce the average returns to 9.1 per cent.

Question number one:The first, second and third generation of IPPs enjoyed a much smaller return even before the inception of 1MDB.

If that’s possible to reduce IPPs’ earning without having to incur billions of debt through a strategic development company, why do you need 1MDB?

Question number two: Just for the record, Petronas already has to forgo revenues amounting up to RM12 Billion annually because of the discounted gas price given to TNB and IPPs.

The imported gas has to be subsidised at about RM40 per mmbtu instead of the market rate of RM145 per mmbtu.

It means Petronas can only sell the gas at one-third of the cost.

Can we say now, Petronas is the real saviour in reducing our electricity tariff, not 1MDB?

MatRodi

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Malaysia’s External Debt

Debt

MALAYSIA’S EXTERNAL DEBT

(Untuk versi BM- Klik sini )

It is normal to see people get frightened when they hear the word ‘debt’. It is so because when you’re in debt, it means you owe someone a sum of money.

But that doesn’t always be the case in a financial term.

First- let’s go to the definition.

External debt refers to a country’s debt that was borrowed from foreign lenders, including foreign commercial banks, foreign governments or international financial institutions such as the World Bank and IMF.

This is the debt undertaken in non-RM currency.

It is important to note that the country’ debt doesn’t confine to the government only. Rather, it is the combination of all residents comprising both public and private sectors.

A caveat: residence is determined not by nationality, but by where the debtor has headquartered their center of economic interest.

Therefore, if any Mat Salleh borrows some USD money from Cayman Island and invest it in Malaysia, that should be taken into account.

The same goes to Malaysian citizens who bought the Euro dominated bond from Citibank Jalan Ampang.

So we know that the external debt here means the non-RM debt taken by the government, the private sectors, the big companies, the investors, the riches, or possibly you and me. Semua kasi campur.

Second- what constitutes the debt?

As far as external debt is concerned, it is placed within four categories which are:

  • Loans taken from World Bank and IMF
  • Private non-guaranteed debt
  • Public debt and public guaranteed debt
  • Central bank deposits

For example- the Jambatan Kedua Pulau Pinang was built using Renminbi-loan from China. That is external debt.

Another example is the 1MDB’s bond that is guaranteed by the government. That is also the external debt.

Basically, whatever you owed in non-RM and any non-RM debt you become a guarantor, that have to be considered as external debt.

Now back to the RM740 billion questions- why Malaysia’s external debt is tripled than 2013?

The answer: It was simply because of the new definition in international debt reporting standard starting last year.

Previously, you only count the government and private non-RM debt.

But today, you must include external offshore loans, public enterprises and the private sector non-RM debt, government-guaranteed non-RM debt and also Ringgit denominator security debt held by foreigners.

In other words, the debt-bracket has been broadened and expanded.

To illustrate the point- the 1MDB’s bond is guaranteed by the government. In reporting country’s external debt, this has to be included. Previously it won’t.

But the sharp increase is merely on paper. It is considered on paper because the actual debtor is 1MDB, not the government. The government only acts as the guarantor.

It’s like when you become a guarantor for your son’s PTPTN, the amount owed is considered your external debt. In calculating your net worth, you actually become ‘poorer’ due to your son’s debt. But is it so? Or you just become ‘poorer’ on paper?

The same goes to the government’s external debt.

As a matter of fact, two-thirds of the increase is caused by foreigners buying Ringgit-denominated securities. This is not surprising considering all the billions raised from the sukuk/bond issuance for MRT and ETP projects.

Seems the figure is too big (well, almost a trillion Ringgit), should that be a concern?

No. Singapore’s external debt is RM3.13 trillion. South Korea is RM1.13 trillion. Indonesia is RM927 billion. And you can imagine how many trillions ‘debt’ are there for most of the developed countries.

So, since the external debt is the cumulative debt undertaken by all Malaysians and the sharp increase is due to the new definition of external debt, how much did the government borrowed externally? The real debt-lah.

The Government’s debt stood at RM582.8bil. Of the total, 97.1% or RM566.1bil was domestic debt, while the remaining RM16.8bil or 2.9% was external debt.

There you go- the real figure that you need to be concerned. RM16.8 bil. Not much ha?

MatRodi

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