It seems like the Ringgit has been dropping lower and lower, causing the nation’s external debt to hit sky high.
According to The Star, the drop in crude oil price was the main cause in the Malaysian currency’s drop. At 9AM on March 24, 2017, the Ringgit was RM4.429 to USD1.
Ultimately, this contributed to higher cost of foreign debts, The Star reported in another article. It rose by 9% to RM908.7 BILLION in 2016!
However, the central bank was still confident that Malaysia’s external debt is manageable because a large sum of the debts was still in Ringgit and not all were in foreign currencies.
On the other hand, the Malaysian Prime Minister, Najib Razak spoke out on March 22, 2017 that the economy is actually progressing, Channel News Asia reported.
He stated that the Malaysian economy isn’t failing as many reports claimed it to be which he cited them as ‘fake news’.
In fact, Najib found that these reports are actually jeopardising the progress of the nation’s economy.
According to the esteemed PM, our economy will totally grow this year and at a faster rate. He, of course, knew the real cause of these ‘fake reports’ are due to the oppositions’ sabotage to tear Malaysia’s unity down.
The Prime Minister said,
“Unfortunately, the government’s opponents here in Malaysia often prefer not to engage with us on the facts.
“They create false propaganda – like the idea that this is a state on the verge of bankruptcy – some of which sadly gains traction internationally.
“This running down of Malaysia is nothing less than economic sabotage for selfish, personal political gain. If it affects perceptions abroad, it won’t be opposition politicians who will suffer. It will be ordinary Malaysians.”
Our beloved PM even went on to boast about how well Malaysia is actually doing right now.
“The truth is the very opposite: Millions of jobs created. Strong and consistent growth. Low inflation and unemployment.”
Well, why should a Prime Minister lie, right?
Many netizens obviously found Najib’s words to be inspiring as they echoed his sentiments in the comments section of reports stating that the Malaysian economy is failing.
One passionate netizen said,
“No, no. My beloved PM said it was improving and our economy is strong. This news might be fake. Love you, my best PM ever.”
Remember to #RespectMyPM guys!
Also read: Najib Says Corruption Accusations In Malaysia Are Just Lies
