Budget 2012 Sebabkan Peningkatan Ketara Hutang Kerajaan

Dalam artikel yang lepas petunjukzaman telah membayangkan tentang budget defisit yang akan menyebabkan inflasi kerana kerajaan terpaksa membuat pinjaman bagi menampung perbelanjaan tersebut. Thestar dalam lapurannya menyatakan pinjaman hutang kerajaan akan meningkat dengan ketara. 

Pinjaman itu akan di buat menerusi instituisi kewangan tempatan dan penyenaraian bond melalui Malaysian Government Securities (MGS). Bond disenaraikan melalui MGS ini akan boleh ditebus dalam masa 10 hingga 20 tahun dengan jaminan interest sekitar 4.16%-4.3%. Pastinya kadar interest yang perlu dibayar ini akan dikenakan kepada rakyat melalui pengenalan cukai yang baru ataupun melalui inflasi dan peningkatan harga barang kerana inilah konsep sistem riba-kapitalis yang menjadi amalan oleh seluruh sistem kewangan sekarang walaupun dinamakan kewangan Islam!


Graf dibawah menunjukkan peningkatan hutang negara dalam kadar membimbangkan.

Govt borrowings expected to go up significantly this year

THE Government’s borrowings are projected to increase significantly this year, mainly on account of higher redemptions, loan repayments and deficit financing requirements.

Given the ample liquidity in the financial system, the Government will continue to source its borrowings domestically.

With revenue exceeding operating expenditure, borrowings are mainly to finance development.

Total gross borrowings for this year are expected to hit RM96.6bil, with 93.3% from domestic sources.

About RM51bil is for debt repayments while the balance will be used to finance the deficit.

In 2011, RM54.2bil (or 60.1%) of total domestic borrowings will be raised through the issuance of Malaysian Government Securities (MGS) while the balance of RM36bil will be via Government Investment Issues (GIIs). Of the total MGS issuance, RM24.5bil will be raised through a series of five new issues.

The remaining RM29.7bil will be raised through the re-opening of a series of eight existing MGS including RM2bil through private placement.

To minimise bunching of MGS redemptions which have cash flow implications for the Government, three new issues as well as three re-openings are longer-dated debt papers with a tenure of 10, 15 and 20 years.

The coupon rates for new issues of MGS with tenure of between 10 and 20 years ranged between 4.16% to 4.39% during the first eight monhts of 2011.

The RM36bil of GIIs consist of a series of three new issues totalling RM15.5bil as well as RM20.5bil which constitutes re-opening a series of five issues including RM2.5bil through private placement.

While the Islamic debt market has a marked preference for shorter-dated GIIs, two issues in 2011 have a maturity of 10 years which will contribute to the development of a benchmark yield curve for Islamic debt papers.

The search for higher yields and safe haven debt instruments in the midst of excess liquidity in the global financial system, has seen foreign holdings of MGS and GIIs rise from 11.4% as at end-December 2008 to 25% as at end-June 2011, thus reflecting confidence in the Malaysian economy.