BATU PAHAT (THE STAR/ASIA NEWS NETWORK) - The opposition alliance's proposal to abolish tolls, the Goods and Services Tax (GST) and student loans would see the national debt ballooning to more than RM1 trillion and the economy collapsing, said Malaysia's Prime Minister Najib Razak.
"If they abolish tolls, GST and PTPTN as stated in Pakatan's manifesto, the nation's debt would increase by RM430bil, with the total going up to more than RM1 trillion based on a study done by the Ministry of Finance," he said, referring to the Malay acronym "PTPTN" for National Higher Education Fund Corporation. PTPTN began giving education loans in 1997.
Najib, also the caretaker Finance Minister, added that the Pakatan Harapan's proposal would result in an increase of the current government debt-to-GDP (Gross Domestic Product) proportion from 50.8 per cent to over 80 per cent.
"Our stock market will drop and our currency will be affected, with the rakyat ultimately suffering the consequences," he said when launching the Minggu Saham Amanah Malaysia 2018 (MSAM) at Stadium Batu Pahat on Thursday (April 19).
He said the opposition should be responsible and not be populist in its bid to gain votes in the upcoming general election.
"This is something that should not be trifled with, or used as political material merely to gain votes," he added.