UPDATE, April 26 - 1MDB says some of its bonds (are) in default after missed payments following Abu Dhabi dispute. –Reuters.
The Singapore Straits Times reported that 1MDB was declared in default yesterday after it failed to settle a US$50.3- million (S$68 million) debt payment on billions of dollars in bonds guaranteed by an Abu Dhabi state-owned sovereign wealth fund which, for its part, said it would honour its obligations to bond holders.
The declaration of default against 1MDB by Abu Dhabi's International Petroleum Investment Corp, or IPIC, immediately exposes Prime Minister Najib Razak's government to more than US$6.481 billion in debt owed to the Gulf emirate.
THESE bad Malaysians, all they do is groaning and moaning about GST?
Thank you NST for admitting the truth.
[But The Star has a different figure. In an Oct 24 2015 report, it says “total household debt, which has been on a moderating trend since 2012, grew by 7.9% for the first eight months of this year until end August to account for 88.1% of nominal gross domestic product (GDP).]
There has been a huge increase in household debt since Mohd Najib became PM in 2009. In 2010 household debt stood at 72 per cent. Government debt too had jumped – from 41.24 per cent of the GDP in 2008 to 54.45 per cent last year.
In fact, Malaysians are getting poorer. Bank Negara report shows that the per capita income had fallen from US$9,508 in 2010 to US$9,291 last year.
Mohd Najib's Economic Transformation Plan (ETP) envisages that our per capita income should rise to US$15,000 in 2020 in order to become a high-income country.
Instead we are getting poorer and more indebted.