Dr M said no to loan from IMF/World Bank during crisis

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Dr M said no to loan from IMF/World Bank during crisis

Dr M said no to loan from IMF/World Bank during crisis

Monday, December 19, 2011
  • Tun Mahathir Anwar Ibtahim
After Tun M’s statement and his challenge to Anwar to show the letter, the opposition has tried to manipulate the issue by showing data of Malaysia’s loans with the World Bank.

KUALA LUMPUR: Blogger CheWal put up a posting saying that Datuk Seri Anwar Ibrahim was trying to mislead Malaysians when he claimed Tun Dr Mahathir Mohamad wrote to the World Bank asking for a loan to solve the 1999 economic crisis.

 

"We all know that during the crisis from 1997-1999, Tun Dr Mahathir didn’t want to accept a package from the IMF and the World Bank," the blogger wrote in his post entitled 'Is Anwar lying again?'. "We also know that Anwar Ibrahim in his weakness as Minister of Finance, perhaps not understanding the fundamentals of economics, wanted to follow the steps laid out by the IMF."

 

"After Tun M’s statement and his challenge to Anwar to show the letter," he said, "the opposition has tried to manipulate the issue by showing data of Malaysia’s loans from the World Bank."

 

The blogger said that while the Opposition may think the people are stupid, but instead they are showing themselves to be foolish by spinning World Bank data to make it look like Malaysia asked for a bailout in 1999.

 

"They failed to differentiate between a financial package to get through the economic crisis and loans from the World Bank," he said.

 

"It can be said that every country in the world borrows from the World Bank," he continued. "Take a look at the data on various countries’ loans at the World Bank’s website. Even developed countries have borrowed from the World Bank. Malaysia has been borrowing from the Workd Bank for some time now. This is nothing new."

 

"Borrowing from the World Bank is not the same as accepting a financial aid package for an economic crisis," he added.

 

The blogger said that if Anwar Ibrahim denies that Malaysia borrowed from the World Bank during his tenure as Minister of Finance, he is lying.

 

"Take a look at how many loans were done in 1992, 1993, 1994 and 1995," he said. "Wasn’t Anwar the Minister of Finance at those times?

 

"Why doesn’t Anwar show the World Bank loans from the years 1992, 1993, 1994, 1995 and 1998?"

 

Highlighting an agreement Anwar signed as Minister of Finance in 1993, the blogger asked, "Wasn’t this also a loan from the World Bank? Why do Anwar and the opposition want to show World Bank loans done in 1999? Why not show loans that were done when Anwar was Minister of Finance?"

 

"Remember," he said, "Tun M challenged Anwar to show the letter in which he (Mahathir) asked for assistance from the World Bank to rescue the country from the economic crisis of 1997-1999."

 

"But to pull the wool over the people’s eyes, Anwar showed data from World Bank loans taken out by Malaysia that constitute regular loans in any country."

 

Read the full post (in Bahasa Malaysia) at CheWal.