NAJIB Razak has come out swinging against the Pakatan Harapan government, saying it should stop playing politics over the economy as this could cause actual losses.

The former prime minister lost in the May 9 polls and is under investigation over state investor 1Malaysia Development Bhd’s millions in losses. Hoards of money, jewellery and luxury goods have been found in condominiums linked to him since then.

“You can also issue misleading statements on 1MDB or tell half the story about it to blame me, but the time to play politics is over,” he said on Facebook tonight.

These are his first comments since Finance Minister Lim Guan Eng revealed that 1MDB is insolvent and cannot pay interest payments due on May 30.

Prime Minister Dr Mahathir Mohamad, on Monday, revealed that the government’s debt exceeds RM1 trillion, and that ministers will take a 10% pay cut in an austerity drive.

“Words spoken while in such positions of power result in actual losses to the country and the people, as was proven today in the stock market,” said Najib, the country’s sixth prime minister and the first Umno leader to lose the government.

“It is not just about votes any more.”

He said issuing statements that Malaysians should not worry about the country’s sovereign credit ratings being downgraded will lead to waning confidence in the nation’s institutions.

“A downgrade will result in higher debt financing costs of RM10 billion per year to our country, and may result in our banks, which have borrowed from the international markets, sustaining losses.

“It may also result in large capital outflows from foreign investors and cause the ringgit to weaken.”

The former chief of Umno and Barisan Nasional added that PH’s statements are not backed by facts.

“Saying our debt is now at RM1 trillion without giving any details of what you mean will just unsettle the financial markets, and alarm credit rating agencies and investors’ confidence in our institutions, such as Bank Negara Malaysia.” – May 23, 2018.