MALAYSIA’S federal debt has surged to a staggering RM1.22 trillion as of April. This significant rise is causing worry among many of us. The government’s move to take on an additional RM70.5 billion in loans in the early months of 2024 adds to the concern. How will this growing debt impact our daily lives and our children’s futures?

This increase in debt goes beyond just large numbers – it represents potential future challenges for everyone. Each new loan could mean a tougher financial future. The money borrowed has been used to pay off old debts and cover current deficits, but this cycle of borrowing raises a serious question: Are we just kicking the can down the road without a real plan to break free from this debt loop?

The Pakatan Harapan-Barisan Nasional (PH-BN) government strategies often involve adjusting taxes and subsidies, moves that directly affect the rakyat’s wallets and day-to-day living. Whether it’s higher prices at the market, increased utility bills, or higher transport costs, every new fiscal policy has a direct impact on our lives. How do these financial decisions align with our everyday needs and long-term economic stability?

It’s also crucial to look beyond the blame game. While it’s easy to point fingers at previous administrations, focusing on past policies won’t solve the pressing issues we face today. The debt level was already concerning when Anwar Ibrahim took the reins, but what matters now is how they handle the situation moving forward. Are their policies just adding more pressure to our economic challenges?

These issues aren’t just a matter for policymakers – they affect all of us, touching every aspect of our lives. Managing the nation’s finances isn’t just about balancing books; it’s about ensuring a secure and prosperous future for every Malaysian.

It’s frustrating to see the current administration’s approach not aligning as closely with the immediate and long-term needs of the rakyat.

So, what’s the way forward? We need transparent, effective strategies from our government that don’t just shuffle the debt around but aim to genuinely improve our economic landscape. While the current administration struggles to align its policies with the everyday needs of the rakyat, many look back to the policies under PN as a beacon of what could be possible. PN’s approach seemed more in tune with the real struggles and aspirations of our communities.

It’s high time for the government to focus on financial strategies that truly benefit the common citizen, not just on paper, but in the practical realities of our everyday lives. Could PN be the key to this future? Many believe so, and it’s a discussion worth having as we strive for a better tomorrow. – July 17, 2024.

• Mahathir Mohd Rais is Federal Territories Perikatan Nasional secretary.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.