KUALA LUMPUR: Umno has expressed concern over Bank Negara Malaysia’s depleting reserves, which has slid to US$107.9 billion from US$108.5 billion as of May 31 under Pakatan Harapan’s (PH) watch.
In a statement issued through its Strategic Communications Unit, Umno said this figure was even lower than when Malaysia was governed by the Barisan Nasional government, which stood at US$110.0 billion in April, before the 14th General Election.
It also noted that the foreign outflow in Bursa Malaysia which amounted to RM2.48 billion, Employees Provident Fund (EPF) investment losses of RM6 billion and the Ringgit’s value falling from 3.91 to 4.01 against the US dollar, are not mere coincidences.
“This is not the fault of BN or Datuk Seri Najib Razak’s administration. When all development plans and foreign investors’ interest were at its peak during BN’s time, Pakatan Harapan tried to destroy it.
“PH’s admission that not all of its election manifesto can be fulfilled is something that foreign investors see as a political trick. PH is more interested in looking into the government’s past mistakes instead of coming up with strategies for economic growth, creating market confidence, and spurring investment.
“Their persistent lies about Najib and his 1MDB's connections, the creation of the Tabung Harapan and their deceptions about the country's economy are making foreign investors think twice about continuing to invest or even inject new capital into Malaysia,” it said.
PH, it said, only has itself to blame as its lies, propaganda and efforts to smear the country’s reputation abroad are now “bearing fruit.”
“Four years of lies such as that concerning Malaysia’s supposedly bankrupt economy has now pinned PH in a difficult spot where they are finding it difficult to fulfil their promises and regain investor confidence,” it said.
Umno said Prime Minister Tun Dr Mahathir Mohamad has been forced to recycle his ‘Look East Policy’ and ask for funds from Japan.
“His austerity drive is also in doubt, as is his new national car plan, as well as the role of Lim Guan Eng as Finance Minister, whose role appears to be only to find the faults of the past, without any tangible effort to develop the country’s economy.”
It said Lim, as a Finance Minister of caliber and vision, should be meeting with foreign fund managers to restore their confidence to continue investing in the Malaysian stock market.
“PH should see and blame themselves for this mess. Although they are using “we are a new government” as an excuse to dupe the people, some have begun to realise how they are actually governing in blindness.
“Their tactics have begun to backfire. Foreign investors may be adopting a wait and see approach to the local market, or have shifted their focus to other countries.
“So what is PH’s initiative to draw and convince foreign investors? It is easy to blame others but difficult to admit one’s mistake.”