THE prime minister must direct his team to steer the economy after the country’s household income debt to GDP ratio hit 93.3% at the end of 2020, said Anwar Ibrahim.

Taking to Facebook, the Opposition leader said much of this debt is tied to homeowner and vehicle debt and have strong ties to the restrictions of the movement-control order.

“The old record of 87.5% in June 2020 at the height of the first wave of Covid-19, was already a concerning indication.

“Credit card debt has also crept along, rising dangerously high apart from homeowner and vehicle debt due to the movement-control order.

“The only answer for this is to have the rakyat seek out more loans and take on more debt, condemning them to debt traps.”

“Prime Minister Muhyiddin Yassin must direct his economic team and strategy to ease the burden of the rakyat beyond his cronies and kleptocrats,” said Anwar.

The Port Dickson MP stressed the debt will derail any hopes of Malaysia making an economic recovery in 2021.

“And based on the IMF’s call for developing new policy to deal with inequality, we know that these financial woes hit the poor and those marginalised by their socioeconomic status the most,” said Anwar.

Anwar also hit out at Muhyiddin, calling the Pagoh MP to step aside for his lack of effort in fixing the economy.

“Traditionally, in our system of democracy, a leader, lacking faith and the mandate of the people, would step aside to retain a modicum of his dignity,” he said. – April 5, 2021.