Asia Sentinel
October 27, 2016
Annual budget focuses too little on money, too much on politics
On Oct. 21, Malaysia’s scandal-hit Prime Minister Najib Razak tabled a RM260.8 billion budget that is not only short on money and long on politics but seeks to obliterate the philosophy behind the economic blueprint of his arch-enemy, former Prime Minister Mahathir Mohamad.
Najib, also the finance minister, dubbed his 30-year development program “Transformasi Nasional 2050 (National Transformation 2050),” an alternative to Mahathir’s Vision 2020, launched in a landmark Najib’s plan, however, was short on details but long on rhetoric.
“The New Economic Policy under the late Tun Razak was planned to create a successful New Generation within 30 years. So is TN50, which will span three decades, to form a first-caliber nation state as well as with excellent mindset,” Najib said at the end of his budget 2017 speech, recalling his father Abdul Razak Hussein’s affirmative action plan, which was actually a 20-year policy.
One third of the 106-minute speech was devoted to politics and for the first time included a Powerpoint presentation as well as an introduction to leaders of various communities and social workers at the public gallery in parliament.
“Let TN50 bear witness; (let it) be recorded in history that we are responsible citizens and forefathers, to leave behind the best and he greatest legacy to be inherited by future generations.
“From now on, TN50 is our lucky charm. Let the old legacy pass. The future of Malaysia, we will recreate,” he said, in a dig at Mahathir’s Vision 2020 plan.
In an immediate reaction, veteran opposition leader Lim Kit Siang – who has struck a loose alliance with Mahathir – called out Najib’s volte-face of Mahathir’s policies, saying: “It is most shocking that Najib could so cavalierly and unceremoniously repudiated Vision 2020 when only in the last budget presentation last year, he reiterated his commitment to achieve Vision 2020 and the goal of a developed nation status. Has he abandoned both Vision 2020 and its final lap?”
The answer isn’t clear but what is clear about the budget speech was its focus on several demographics that could help Najib keep power in the next general elections, due 2018 but which many believe will be called earlier. Continue reading “Malaysia’s Najib Erases Predecessor’s Economic Vision”