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![ksampoh Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1423556976554909697.png) ksampoh@MyOwn Inc [@ksampoh](/creator/twitter/ksampoh) on x XXX followers
Created: 2025-07-22 13:06:19 UTC

1- Debt under Madani is still higher than Najib’s era. Why?
Answer-
Because 2023–25 is not 2016–18.
Najib never faced-
-Global inflation crisis
-Post-Covid recovery cost
-Diesel subsidy reform
-Rising global bond yields
-War-driven oil volatility
Najib’s lowest was RM17.9b (2016), but by 2018 it was already RM54.2b.
So debt tripled in just X years - & that was without a global crisis.
Meanwhile, Madani-
2022- RM99.8b (inherited)
2023- RM92.9b
2024- RM76.8b
2025 (YTD)- RM81.3b
- Clear downward trend - even under tighter global conditions.
The comparison is not apples-to-apples.
- 2- The drop in 2024 was only possible due to one-off revenues (KWAP, BNM, Bandar Malaysia).
Answer-
- Yes - & that’s called fiscal strategy, not luck.
-KWAP, BNM, Unclaimed Monies = legally permitted transfers
-Bandar Malaysia = asset monetisation - not borrowed money
Why is using available resources to reduce debt suddenly a bad thing?
Najib sold strategic lands too - but debt still ballooned.
- Better to use one-offs to reduce borrowing than to tax blindly or borrow blindly.
- 3-But Rakyat had to pay more- SST, CGT, LVGT, electricity, diesel.
Answer-
- Yes — but these reforms were long overdue-
-SST- from X% → X% (Jan 2024)
-CGT & LVGT- target capital gains, not average rakyat
-Diesel- targeted subsidy saves RM4b/month
-Electricity & water tariffs- affects M40/T20 more than B40
-Meanwhile, under Najib-
-BR1M = Vote candy
-Fuel subsidies = blanket, inefficient
-No structural reform - just debt-funded populism
- Madani is taking the harder but necessary path. Rakyat paid more - but for long-term savings.
- 4- In 2022, debt was high but debt-to-GDP fell to 60.2%. Now under DSAI, it rose to 64.8%.
Answer-
- Correct — but context matters.
-2022 GDP growth- XXX% (post-Covid rebound)
-2023 GDP- XXX% (global slowdown)
-2024 GDP projection- XXX%
So even modest borrowing caused the ratio to rise.
Still, debt-to-GDP in 2024 = 64.8%, which is-
-Below the XX% statutory limit under FRA 2023
- Madani stayed within the legal cap despite tighter revenue & slower global growth.
 -5- As of July 2025, debt is already RM81.3b - higher than 2024 total. 
-Fitch warned overspending.
Answer-
- Yes - 2025 is trending up.
But let’s be factual-
-RM81.3b is still lower than 2020 (RM86.6b), 2021 (RM100.2b), & 2022 (RM99.8b)
-2025 borrowing is mainly for CapEx, not operational deficits (e.g. MRT3, flood mitigation, 5G)
-Fitch warning = normal fiscal caution
-No downgrade issued - Malaysia still BBB+ stable
- Fiscal discipline isn’t just about number size - it’s about where the money goes & whether it’s legal.
 
Eric, here’s the truth - no spin-
- New debt under Madani is dropping, year by year
- 2024’s drop was from deliberate strategic revenues
- Reforms are painful, but system-fixing, not vote-buying
- Debt-to-GDP is below XX% ceiling (FRA 2023)
- 2025 debt rise is real - but still below Covid-era highs
- Fitch issued a caution - not a downgrade.
If you want to debate debt, do it fully.
Don’t cherry-pick bars on a graph while ignoring economic realities.


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**Related Topics**
[without a](/topic/without-a)
[fixed income](/topic/fixed-income)
[inflation](/topic/inflation)
[debt](/topic/debt)

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