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November 02, 2006
Huge Bet
This is a helluva lot of money:
Malaysia plans to roll out education and agriculture projects totaling at least 100 billion ringgit ($27 billion), equivalent to half the state development budget for the next five years, to support faster economic growth.The 20 rural projects, which will involve four ministries, will be partly funded by private financing, Mohd Effendi Norwawi, minister in the Prime Minister's Office, told reporters in Kuala Lumpur today. He didn't say when the work would start.
... About 50 billion ringgit, or half the planned budget for the 20 projects, will be spent in Malaysia's northern states, including Kedah and Perlis, Norwawi said. Much of the financing in those areas, the so-called northern corridor, will come from private companies, he said. [Bloomberg]
Investing in education is good, and I hope the goal of having a strong, export-driven agricultural sector is achieved, although I have a feeling that some of the money will come from our retirement savings.
I hope the money will be well-spent, and not shoved down the greedy throats of so-called "businessmen".
I hope the projects succeed.
RM100 billion is a lot of money.
Posted by aisehman at November 2, 2006 07:34 PM
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Comments
A friend who is a civilian contractor for the FBI in surveillance technologies once told me of his experience in bidding for a cotract with KLIA project, the full story is kinda long to tell here (plus we were pretty drunk), but he told me that KLIA was built at at least twice the price tag that should've been, all because of corruption (he didn't know in Unique Malaysia Truly Asia it is called "leakage").
I chose to believe him.
And I hope this time we get RM100 billion worth of goods, because AAB recently adviced the ASEAN and Chinese governments how to be transparent in their horse-trading, so I thought if you can teach others.... you must be pretty damn good at it, no?
Posted by: kengleong at November 2, 2006 10:24 PM
The EPF has already set up PFI Sdn Bhd. to finance the schemes. Its not private financing, just same old thing with different publicity.
Its clear signal of fiscal spending in place of a drop in FDI and growth prospect.
The scary thing is that I don't think its enough. My guess is that if US growth slows than the PM will run out of options pretty quickly. Unless China and India can pick up the slack, a lot of sectors will be hit.
Posted by: Bigjoe at November 3, 2006 07:47 AM
Honestly, I have no good feeling about this. Having a minister who just recently have to pay his ex-wife RM50 million for his divorce case and now allow him to handle big money projects, can we have another guy as the alternative?
Posted by: frankie at November 3, 2006 09:38 AM
aishehman.... i also wish that the money would be spent wisely and honesty on projects which would benefit all.
but going by our "history" which no lesson has been learnt, it's probably going to be used to buy big ugly birds [which no one wanted]to be placed in concrete parks, rm10mil badminton halls to seat thousands in the city which has an "olympic" size pool which tak cukup panjang, an plastic plants to beautify a town.
sigh...
Posted by: whatalulu at November 3, 2006 03:27 PM
""I hope the money will be well-spent, and not shoved down the greedy throats of so-called "businessmen".""
Aisheman, don't bother this because it will be "business " as usual. Remember Pak Lah told Tun M recently that Tun M's sons got more & bigger contract from the government tha Pak Lah's son & relatives? Implying that all these were justified.
I'm not saying Pak Lah'son will lay his hand on the above project this time because he is in the more lucrative oil & gas project. But this time it will his cronies & Sons & Associates! Because like I said, they deemed this to be justified. They would said "I have done nothing wrong and my son or so & so blah blah ......"
Don't believe? It is "Ripley's believe it or not".
Or "You ask for it" because the Rakyat gave him that huge mandate.
Posted by: opera7 at November 4, 2006 09:39 AM
Kami org Johor tuntut UMNO Johor yang sedang mengadakan Konvensyen pada hari Ahad dan Isnin ini supaya menyokong tuntutan DYMM Tuanku Sultan Johor untuk merobohkan Tambak Johor yang merupakan legasi penipuan penjajah terhadap negeri Johor.
Kami juga tidak setuju dengan rancangan K(haz)ianat untuk SJER mengadakan Free Access Zone, pihak berkuasa otonomi SJER, memberi keutamaan kepada pelabohan & lapangan terbang singapura, dan menjadikan JB bandar satelit & tempat berhibur untuk Singapura.
Daulat Tuanku!
Daulat Tuanku!
Daulat Tuanku!
Posted by: A Voice at November 5, 2006 09:14 AM