Profile picture
Ong Kian Ming @imokman
, 13 tweets, 5 min read Read on Twitter
Time to tweet out some of my past media statements on the budget and govt debt to set the context on how much 'cleaning up' we need to do with regards to the govt's balance sheet.
The most recent statement shows how much of debt repayment is 'hidden' in payments other than debt servicing including the infamous Pembinaan PFI. ongkianming.com/2018/01/09/mal…
For those who can't remember, Pembinaan PFI was actually a 'creative' way for the govt to hide DEVEX so that its borrowings won't appear as official govt debt: ongkianming.com/2014/11/18/med…
Pembinaan PFI is a 100% MOF owned entity which has more than RM20b in debt. But this debt does not appear as official govt debt or govt guarantees (contingent liability). It would have been 'hidden' if not for the Auditor General's report in 2015: ongkianming.com/2015/03/11/med…
I listed down 10 questions for the then Treasury Sec Gen Tan Sri Irwan to answer. Needless to say, his answers to the PAC were not very convincing.
ongkianming.com/2015/03/17/med…
These are some snippets of TS Irwan's answers to the PAC on Pembinaan PFI & why I thought they were unconvincing: ongkianming.com/2015/06/18/med…
These are two of my media statements highlighting some of the hidden details in the budget to look out for: ongkianming.com/2015/10/23/pre… and ongkianming.com/2016/10/22/pre…
In Feb, I published a report under @PenangInstitute together with Darshan Joshi looking at the 'slush funds' in the PMO's DEVEX and how some of these should be cut: ongkianming.com/2018/02/21/med…
The full report on the Jabatan Perdana Menteri's DEVEX can be downloaded from the website of @PenangInstitute here: penanginstitute.org/programmes/pen…
As a summary, @chedetofficial's RM1 trillion debt figure can be obtained by adding up the total offiicial govt debt (MGS & GII), the total statutory guarantees & some of the 'hidden' debt & guarantees e.g. Pembinaan BLT & PFI.
Just to be a bit more technical, the statutory guarantees are not all the same. Some entities such as Khazanah & TNB can easily generate their own cashflow to service their GG loans. But others such as Danainfra & Prasarana are dependent on govt grants for loan servicing.
Of course, we don't know the true exposure of the govt via 'hidden' debt and guarantees including the guarantees for the amount owed to IPIC which cannot be found anywhere in the Accountant General's financial statements for the govt.
Hence, the need for a thorough review of all the MOF Inc owned entities and also all the major Public Private Partnership (PPP) agreements in order to ascertain the true level of govt exposures. #endthread
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Ong Kian Ming
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Related hashtags

#endthread

More from @imokman see all

Profile picture
Will be tweeting some thoughts on my visit to the Malaysia China Kuantan Industrial Park (MCKIP) here today. Please RT if you are interested in reading about this project (it's more than just the so-called "Great Wall of China"!) #MCKIP
Whenever the Kuantan Industrial Park is mentioned in popular conversation, the discussion inevitably gets steered towards the so-called “Great Wall of China” that surrounds the massive Alliance Steel complex.
Yesterday, I visited the Malaysia China Kuantan Industrial Park (MCKIP). The masterplan 4 this area is much more than just the ‘great wall’. If done well, the investments in this industrial park has the potential to transform the whole of Kuantan into a thriving city of industry.
Read 33 tweets
Profile picture
I think many of the critics of Tabung Harapan Malaysia (THM) are missing the point. There are a few purposes to the fund: (i) Many Malaysians want to contribute to the building of a new Malaysia. We should let them express their enthusiasm in a tangible manner.
(ii) People were already crowdfunding for this. It's much better if the govt provides an official channel for these contributions. If not, there will be many causes of fundraising frauds out there.
If you don't like the idea, it's fine. Don't contribute to the Tabung. I don't think anyone will hold it against you. But u also don't need to criticize others who want to contribute to this fund.
Read 3 tweets
Profile picture
Going to start a thread on the Youth and Sports Ministry / Kementerian Belia & Sukan. This is NOT an attempt to lobby publicly for a position. At the end of the thread, I will give my views on who I think is the most suitable replacement for @Khairykj as the Minister of Y&S.
First of all, I don't think you need to be a sportsman / woman to be an effective Minister for Y&S. But you have to be interested in sports (or at least some sports) for you to understand what it would take to develop & grow sports in Msia.
For example, if you like playing basketball, u would be able to understand better how the game progresses from the school to the district to the state and finally to the national level. U would also be aware of the various semi-professional 'leagues' around the country.
Read 28 tweets

Related threads

Profile picture
Recommendation 15: ZBC needs to be reformed into a truly independent public service
broadcaster and state-owned media must abide by their legal obligation to be impartial and
provide equitable treatment to all political parties and candidates.- @eueomzimbabwe

#media #Zimbabwe
@eueomzimbabwe In accordance with the Electoral Act, from 4 July the state broadcaster ZBC afforded free access to political contestants through various programming aired on TV and radio stations. - @eueomzimbabwe report

#media #Zimbabwe
@eueomzimbabwe Nevertheless, ZBC failed to abide by its legal obligation of ensuring equitable and fair treatment to all political parties and candidates in its news and current affairs programmes.- @eueomzimbabwe report

#media #Zimbabwe
Read 9 tweets
Profile picture
Rush Limbaugh= RUSH: The more this goes on, the more we lose sight of the real abomination that all of this is. This entire investigation that Mueller is conducting is bogus. It is predicated on nothing but a made-up allegation for which no evidence has ever been found or cited,
and therefore the investigation should never have begun! If you ask me, we’re now two years into this investigation with Mueller’s phase of it at a year and a half or close to it — 16 months, something like that.
It is simply unacceptable. It ought not be tolerated that a 16-month investigation that itself is the result of the Obama DOJ and FBI planting evidence and creating false claims about people… We don’t know what this is about!
Read 61 tweets
Profile picture
🔹

He wakes up once again to an empty room. He looks for his phone which he finds at the dresser with his car key. His shoes neatly arranged next to the closet and curtains drawn.

He checks the bathroom but there is no sign of the younger.

Failing to have his call picked up,
he sends a text and starts to feel anxious.

Did Kyungsoo run away?

He opens the closet and finds their bags with their wallets inside. It means the other only has his phone with him.

And he's not answering any calls and texts.

He's seriously getting worried.
If before, he could contact his cousin and ask of his whereabouts, right now he doesn't have anyone to turn to.

Just then the door opens, revealing a drenched Kyungsoo. The younger just stands there, at the doorway with a bashful smile.

"What happened to you? Why are you wet?"
Read 929 tweets
Profile picture
207. UCHE DIKE was an odd ball with a mild distasteful sense of fashion when he first gained admission into Nnamdi Azikiwe university in Anambra State, Nigeria.

Uche was one of those students in school who occasionally wore bogus long sleeved shirts...
208... and carton-coloured trousers that looked like something that came out of a thrift shop in the
1980's.

A geek eyeglass, an afro, a black duffle bag and a brown shoe that shares the same oddity with Uche's choice of clothing, was also part of his signature appearance.
209. Uche was an awkward young man which made him an easy target for bullies.

Sometimes he felt there was a mental sticker on his head that screamed
'Bully me. Bully me. Bully me'.

Uche was the real definition of "Fashion makes you stand out." His mentality...
Read 1142 tweets
Profile picture
Günaydin, to those in New York, and merhaba again to those in Turkey. We're getting closer to day five of Reza Zarrab's testimony. My recap of yesterday's proceedings, with an assist from my editor @bleonardcns courthousenews.com/bankers-lawyer…
The court is still rather empty. I doubt we will start at 9:15 NY time as scheduled.
Berman: Please be seated.
Read 92 tweets

Trending hashtags

#vkook #Practice2018 #betyoudontknow #PruittHearing #TicTocNews #microchip #GetTonyAFlypast #FirePruitt #independent #WeAreTheStorm #sea #IanLivetweetsHisResearch #childbirth #AHA19 #helpmefindluv #Article13 #HelsinkiSummit #BothSidesDont #RedWave2018 #TeamTrump #DeepState #journalism #4thofJuly2018 #taekook #infantfeeding

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($3.00/month or $30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!