20 November 2019

Press‌ ‌Statement‌ ‌by‌ ‌MCA‌ ‌Youth‌ ‌National‌ ‌Chairperson‌ ‌Nicole‌ ‌Wong‌ ‌Siaw‌ ‌Ting‌

Pakatan’s game of thrones drives foreign investors away

In the past month, it appeared that the game of thrones had intensified within the federal government and Pakatan-controlled states. The players were so absorbed in their own brand of political drama that good governance and addressing people’s woes had become afterthoughts; little more than an appendix amidst a prerogative to tend to each of their own ambitions. 

What we can see clearly today are Ministers on the rakyat’s payroll spending precious time on engaging in partisan politics within their coalition. Each trying harder to outmanoeuvre their “allies” and “colleagues” than the last.

The component parties of Pakatan all had a very different interpretation of Prime Minister Tun Dr Mahathir Mohammad’s succession plan. On top of that, the grapevines have it that there are coups underway to oust the MBs of Perak, Melaka and Negeri Sembilan.

All their melodramas were not without impacts and repercussions on our nation. On recent news, Kenanga Research revealed that foreign investment in Malaysian bonds had dropped RM500 million, compared to the growth of RM900 million in September.

Furthermore, there is also a foreign divestment totaling to RM1 billion from our capital market last month, due to the net sales of RM500 million worth of stock and bonds each. Analysts had predicted the divestment trend shall continue for the time being, and this is worrisome.

The proportion of foreign capital in the Malaysian bond market remained at 12.7% for three consecutive months as our circulating bonds grew RM200 million. Foreign capital reduced its holdings of RM400 million in government bonds and RM400 million in Treasury bonds in October while acquiring RM100 million in Islamic treasury bills and RM200 million in private bonds. Moreover, foreign investors had been selling Malaysian bonds for four consecutive months, but in October the outflows slowed to RM500 million, and in September it was RM600 million.

The prime concern for all Pakatan officials should now be centered on the reinvigoration of our depressing economy, and not to reenact the plot from Game of Thrones.

Nicole‌ ‌Wong‌ ‌Siaw‌ ‌Ting‌ ‌

MCA‌ ‌Youth‌ ‌National‌ ‌Chairperson‌ ‌

 ‌ ‌

-MCA online-