FEDERAL GOVERNMENT DEBT COULD BE FULLY SETTLED IN YEAR 2053 - MINISTRY OF FINANCE

FEDERAL GOVERNMENT DEBT COULD BE FULLY SETTLED IN YEAR 2053 - MINISTRY OF FINANCE 

@Jackie San

KUALA LUMPUR (March 30, 2023): The federal government’s debt is expected to be fully settled in 2053 if no new loans were to be taken to finance the deficit and to refinance maturing debts from 2024 onwards, said the Finance Ministry (MoF).

According to the ministry, the federal government’s debt at end-2022 amounted to RM1,079.6 billion, or 60.4 per cent of the gross domestic product (GDP).

Of this amount, domestic debts totalled RM1,050.1 billion while offshore loans amounted to RM29.5 billion.

If the government’s exposure to other liabilities were to be taken into consideration, the federal government’s total debt and liabilities at end-2022 would be RM1.45 trillion, or 80.9 per cent of GDP.

This amount includes federal government debt (RM1,079.6 billion), guaranteed commitments (RM205.9 billion), 1MDB (RM18.2 billion), and other liabilities (RM142.2 billion).

“The government is always committed to ensuring that debt service charges (DSC) are carried out according to the set schedule.

“This DSC is allocated as liability item T13, which is one of the liability expenses that is first given priority over other expenditure items, as stipulated under Article 98(1)(b) of the Federal Constitution, which means that all debt charges are under the responsibility of the federal government,” MoF said in a written reply on the Parliament’s website today.

MoF was replying to a question from Pang Hok Liong (PH-Labis) who wanted to know about the national debt level.

Commenting further, the ministry said the DSC includes annual interest payments on the federal government’s accumulated debts and other management costs related to the issuance of debt papers.

The DSC in 2018 reached RM30.5 billion, RM32.9 billion in 2019, RM34.5 billion in 2020, and RM38.1 billion in 2021.

The government’s DSC for 2022 amounted to RM41.3 billion, MoF added.

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CHINA IS AN IMPORTANT TRADE PARTNER FOR MALAYSIA, SAYS ANWAR

CHINA IS AN IMPORTANT TRADE PARTNER FOR MALAYSIA, SAYS ANWAR

@Jackie San

BEIJING, CHINA (March 30, 2023): Prime Minister Datuk Seri Anwar Ibrahim said his visit to China this week is a manifestation of the country’s importance to Malaysia in various aspects, especially trade.

He said China is important not only as a neighbour with close bilateral relationship and a close trading partner, but also due to its position as a major power in world economy.

He described China as the world’s economic giant currently.

“Given the priority, we come to China first. But as a trading nation, we must maintain excellent relationship with all, including the United States,” he said during the breaking of fast with Malaysian citizens at the Malaysian embassy here tonight.

China has been Malaysia’s largest trading partner since 2009. The value of trade between Malaysia and China in 2022 was about 17.1 per cent of Malaysia’s total global trade worth RM2.8 trillion.

The total trade between the two countries in 2022 is RM487.13 billion, which is an increase of 15.6 per cent compared to the previous year.

Commenting further, the Prime Minister who just arrived here from Hainan this afternoon said the Unity Government led by him is now more intact and stable.

This allows the government to implement policies to strengthen the country’s economic growth and attract more foreign investments and trade to Malaysia.

Meanwhile, Anwar also expressed his gratitude to Malaysians residing in China for safeguarding the good name of Malaysia and always obeying the law here.

He said these people also played a major role in contributing to the close relationship between the two countries.

“Malaysia is a small trading country, but it is recognised and respected by China,” he said.

There are about 1,300 Malaysians registered with the embassy currently residing in China. 

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PRICES OF PETROL AND DIESEL REMAIN UNCHANGED

PRICES OF PETROL AND DIESEL REMAIN UNCHANGED 

@Jackie San

KUALA LUMPUR (March 29, 2023): The retail prices of RON97 and RON95 petrol and diesel remain unchanged for the week from March 30 to April 5.

The Ministry of Finance (MOF), in a statement today, said that the price of RON97 would remain at RM3.35 per litre, RON95 (RM2.05) and diesel (RM2.15).

“To protect the consumers from global oil price increase, the government will maintain the ceiling price of RON95 at RM2.05 per litre and diesel at RM2.15 per litre, even though the market price for the two products has increased beyond the current ceiling price,” read the statement.

The MOF also said that the government will continue to monitor the trends of global crude oil prices and take appropriate measures to ensure the continued welfare and well-being of the people.

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PARLIAMENT TO DISCUSS AUKUS TRILATERAL SECURITY PACK IMPACT, COPS' MENTAL HEALTH

PARLIAMENT TO DISCUSS AUKUS TRILATERAL SECURITY PACK IMPACT, COPS' MENTAL HEALTH

@Jackie San

KUALA LUMPUR (March 30, 2023): Issues regarding the formation of the trilateral security pact between Australia, the United Kingdom, and the United States (Aukus) and mental health among members of the Royal Malaysia Police (PDRM) are expected to be discussed in Parliament today.

According to the Order Paper on the Parliament’s official website, Lim Guan Eng (PH-Bagan) will ask the Minister of Defence about Malaysia’s stance following the Aukus defence pact in which Australia will buy eight nuclear-powered submarines worth AU$368 billion, and its impact on the security of Asean countries based on the Zone of Peace, Freedom and Neutrality or Zopfan Declaration.

Lim also wants to know whether that eight nuclear-powered submarines will be allowed to operate in the waters of Asean countries.

The question will be raised during the Minister’s Question Time when Wan Hassan Mohd Ramli (PN-Dungun) will ask the Home Minister to state measures taken to address mental health issues among the police.

This is especially for those who carry firearms, to ensure that the police can carry out their duties with a stable mind.

During the oral question and answer session, Mohd Syahir Che Sulaiman (PN-Bachok) will ask the Minister of Agriculture and Food Security about the ministry’s effort to expand the Sado cattle breeding activities by involving young and rural entrepreneurs.

After the question and answer session, there will be the tabling of several bills for a second reading.

The bills will include the Revision of Sentence of Death and Imprisonment for Natural Life (Temporary Jurisdiction of the Federal Court) Bill 2023.

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MEDIUM - RISK ADULTS DON'T NEED EXTRA COVID-19 JABS : WHO

MEDIUM - RISK ADULTS DON'T NEED EXTRA COVID-19 JABS : WHO 

@Jackie San

GENEVA (March 30, 2023): The World Health Organisation yesterday said it is no longer recommending additional Covid-19 vaccine booster doses for regular, medium-risk adults as the benefit was marginal.

For such people who have received their primary vaccination course and one booster dose, there is no risk in having further jabs but the returns are slight, the WHO’s vaccine experts said.

The United Nation health agency’s Strategic Advisory Group of Experts on Immunisation (Sage) issued updated recommendations after its regular biannual meeting.

Sage’s new advice reflects the impact of the dominant Omicron variant of the virus and high-level immunity now achieved in the population through infection and vaccination, the WHO said.

Sage came up with three new, simplified priority categories for Covid vaccination: high, medium and low, based on risk of severe disease or death.

Sage recommended additional booster shots after the first one only for people at the highest risk of developing severe Covid-19 disease.

They include older adults; younger adults with comorbidities such as diabetes, people with immunocompromising conditions like HIV, pregnant women, and frontline health workers.

The medium priority group includes healthy adults, usually under 60, and children and adolescents with comorbidities.

Sage recommends a primary series and a first booster dose.

“When it comes to the medium-risk group, additional booster doses… are no longer recommended,” said Sage chair Hanna Nohynek.

“The vaccine is safe and it’s efficient against serious disease and death,” she said, but for this risk group, while there was no harm in having another shot, “the benefit of these additional boosters is actually quite marginal”.

The low priority group includes healthy children and adolescents aged six months to 17 years.

While primary and booster doses are safe and effective for this group, considering the low burden of Covid disease, Sage said countries’ vaccination decisions should be based “on contextual factors” such as health programme priorities and cost effectiveness.

SEARCH FOR NEW VACCINES

As for the impact of Covid-19 vaccines on Long Covid, or post-infection conditions, “the evidence on the extent of their impact is inconsistent”, said Sage.

Nearly 13.3 billion Covid vaccine doses have been administered around the world.

WHO vaccines chief Kate O’Brien said that versus Omicron, the existing vaccines provide very good immunity against severe disease, but “frankly they don’t last very long for the performance that they do have against mild disease or infection”.

The WHO is looking for new Covid vaccines that cover a broad spectrum of variants, have longer durability and better performance against infection and transmission.

It is also seeking vaccines that are move on from injection methods and ultra cold chain storage, O’Brien said, citing nasal, oral and skin patch vaccine methods.

Speaking of two nasally-administered vaccines, particularly one being used in China, Sage executive secretary Joachim Hombach said: “We know that they are immunogenic … but what we really need is data that actually studies the impact on transmission — because that could indeed make a major difference.”

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' DON'T BLAME WOMEN ' - JAPAN BIRTH DRIVE SPARK ONLINE DEBATE

' DON'T BLAME WOMEN ' - JAPAN BIRTH DRIVE SPARK ONLINE DEBATE

@Jackie San

TOKYO JAPAN(March 29, 2023): Japan’s government has made tackling its falling birth rate a top priority, but with few women involved in official debate on the issue, some are making themselves heard on social media.

Japan recorded fewer than 800,000 births last year, the lowest in the country of 125 million since records began.

The prime minister has warned the trend threatens “whether we can continue to function as a society”, and fresh focus on the issue has sparked countless articles.

But one in particular, noting Japan has the highest ratio in the OECD of women aged 50 who have never had children, triggered an outpouring of responses using the hashtag “life-long childlessness”.

Tomoko Okada had long felt “ashamed” about not having children and hesitated to click on the trending topic on Twitter initially, fearing the usual barrage of criticism.

Instead, she found mostly sympathetic and nuanced discussions, with women explaining why they had been unable to start a family or, in some cases, why they had chosen not to.

“I used to strongly believe that giving birth was the ‘normal’ thing to do,” the 47-year-old freelance writer told AFP.

She tried matchmaking services hoping to find a partner, with no luck, and was left feeling guilty when her dad asked for a grandchild for Father’s Day.

But posting her experiences and reading those of others helped her feel “my way of life is also OK”.

– ‘So much criticism’ –

While many developed countries are struggling with low birth rates, the problem is particularly acute in Japan.

It has the world’s second-oldest population after Monaco, and its relatively strict immigration rules mean it faces growing labour shortages.

Prime Minister Fumio Kishida has vowed policies including financial aid for families, easier childcare access and more parental leave.

But with female lawmakers accounting for fewer than 10 percent of Japan’s powerful lower house, and Kishida’s 19-minister cabinet including just two women, most of those involved in the debate are men.

That has left some women feeling sidelined, or even under attack.

“Don’t blame women for the low birth rate,” tweeted Ayako, a 38-year-old Tokyo resident without children, who used the hashtag to call for recognition of “various choices” in life.

She told AFP that Japan’s traditional gender roles are central to the problem.

A 2021 government survey found that Japanese women spend around four times as long on chores and childcare as men, even with more husbands working from home.

Ayako is outspoken online, but said she finds herself “shunned” when she speaks about gender-related issues in real life, and preferred not to give her surname.

“It’s hard to raise your voice in the real world. I feel like women receive so much criticism just for expressing their opinions,” she said.

On social media, however, “I’m often surprised to find other people with the same views.”

– ‘Echo chambers’ –

Yuiko Fujita, a media and gender studies professor at Meiji University, said social media has become a way for women in particular to discuss political and societal issues with less fear, often anonymously.

Other birthrate-related hashtags, railing against mothers being “single-operator childcare services” or lamenting rejected nursery applications, have also gone viral.

But the outpouring has limited impact outside the “echo chambers” online, warned Fujita.

“Unfortunately… not many of these voices make it beyond the community of women to reach the political arena.”

Experts believe the declining birth rate is a complex problem with numerous roots.

Just 2.4 percent of births in Japan are outside of marriage, the lowest among the OECD group of 38 countries — a figure often attributed to conservative norms and financial structures that favour families.

Some point to economics, arguing the country’s long-stagnant growth discourages couples from having babies.

Policy changes such as expanding daycare provision can help boost birth rates, but the increase is often “temporary”, said Takumi Fujinami of the Japan Research Institute.

As well as equality when it comes to household chores, he said, “long-term economic stability and rising incomes are key.”

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