KUALA LUMPUR, Oct 28 — The position of the government of depending on new loans to finance the repayment of loan principals which have matured is described as worrying.
Auditor-General, Datuk Nik Azman Nik Abdul Majid said even though the certificate of the Auditor-General for year 2020 was issued with a clean certificate status without any reprimand, several matters should be given emphasis including the status of federal debts. “Half of the new loans were used to pay loans which have matured when they should be paid with surplus revenue.
“Nonetheless, in 2020, the country was facing the Covid-19 threat and the government was forced to take measures to assist the health system and the people to combat Covid-19,” he said at a media conference at Parliament building here today. The Auditor-General’s Report on the Federal Government Financial Statement as well as 2020 Federal Ministries and Departments Compliance Audit tabled at Dewan Rakyat today found RM98.058 billion or 50.4 per cent of RM194.555 billion of new loans of the government was for the repayment of the principal of loans in 2020. — Bernama
Kambus lubang lama n korek lubang baru
I remember the stories of 5 credit cards, use second credit card to pay the first card, third to pay the second and so on…
Bankruptcy is not far now.
Just like borrowing from one ah long to pay another ah long. Hole gets deeper until cannot come out.
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