BAGAN DATUK,. All countries need foreign loans to ensure that development could be carried out effectively, says Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
He said big countries like the United States incurred bigger debts than Malaysia.
“International rating agencies, like Moody and Standard & Poor’s, have rated us higher than some countries.
“We should look at our Bank Negara’s reserves that have reached RM108 billion compared to when Tun Dr Mahathir Mohamad helmed the country for 22 years.
“During his premiership, we recorded huge debts and small reserves of RM35 billion.
“There was a time when our reserves reached RM70 billion, but it was used to boost the ringgit. Because of this, the reserves remained at the lowest level,” he said after attending the Polling District Centre’s luncheon programme organised by non-governmental organisations in Kampung Banang, Hutan Melintang, here.
Zahid said voters should be wary of opposition accusations which aimed to instil fear in the people.
He said the government was
capable of repaying the loans
despite the huge amount of
“It is a matter of good financial management. It is not true that the country will go bankrupt as the money is used for various developments. Do not be fooled or influenced by them,” he said.