Even in 1963, Singapore as a nation was rich and had 400 million Straits Dollars in their reserve. @TheTunku wanted Lee Kuan Yew to lend 50 million to East Malaysia. After much haggling, Lee agreed to give as a loan with special conditions attached. dailyexpress.com.my/read/3331/anot…
Today they are keeping it as closely guarded secret their reserves but it is estimated to be more than SGD1 trillion based on consistent annual surplus budget they get approved in their parliament. Malaysia forever deficit budget! (ie we are leaving debts to future generations)
"When borrowing is not used productively, the result has often been high debt-low growth, rather than high growth-low debt."
"As debt level grows, interest payments can also increase… This can lead to an unsustainable fiscal position and spiralling debt, affecting investor confidence, business’ cost of funding and ultimately our long-term growth.” SG MOF Heng Swee Keat. todayonline.com/singapore/not-…
Our former foreign Minister Najib Razak borrowed MYR65 billion to steal everything and our Lim Guan Eng also won't understand the stuff Heng Swee Keat is talking about. He was trained by LKY in frugality.
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