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Published: Friday March 29, 2013 MYT 12:00:00 AM
Updated: Wednesday April 24, 2013 MYT 2:13:26 PM

GE13: Opposition manifesto will lead to financial crisis, says Husni

PUTRAJAYA: The opposition's manifesto, if implemented, will increase the government's fiscal deficit from 4% to 11.5% within a year and burden the government with debt, said Finance Minister II Datuk Seri Husni Hanadzlah.

Husni said the manifesto would also lead to a larger debt of up to 62.1% to the GDP.

"The manifesto would cause the country's rating to fall and lead to fewer foreign investments. It is based on fantasy without consideration of the actual economic situation," he told reporters on Friday.

"We will have to grapple with a more serious current account deficit as our revenue is insufficient to finance the government's operations expenditure.

"This means the government has to borrow money to pay civil servants' salary, their pension and subsidies. Borrowing more money will lead the government to a more serious financial and economic crises as being experienced by several European Union (EU) member countries," he said.

Tags / Keywords: Nation, News, husni hanadzlah, opposition manifesto, GE13, Government, Politics


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