🚨🇪🇸 This is not Sergio Ramos.
This is Borja Díaz, a Guadalajara player, who looks exactly like Sergio Ramos.
He played against Barcelona in the Copa del Rey yesterday 😅🤯
Yes, PMX is right - new gov debt fell from RM99.8b (2022) to RM93b (2023) and RM76.8b (2024).
But he didn’t say why new debt in 2023 & 2024 is still much higher than pre-Covid times, especially Najib’s era. What crisis happened in 2023–24 to justify this?
PMX also left out that 2024’s drop in debt was only possible due to several “one-off” measures: RM5b dividend from KWAP, RM5.25b from BNM, RM2b from Unclaimed Moneys Act, and RM6b from the sale of Bandar Malaysia to Petronas.
More revenue came from: ending diesel subsidies (price up RM2.15→RM3.35/L + SST up to 40 sen/L), new 10% LVGT & CGT taxes (Jan ‘24), higher SST (6%→8%, Mar ‘24), and increased IWK, M40 electricity (Jan ‘24), and water tariffs (Feb ‘24).
None of these extraordinary measures existed in 2022.
In fact, in 2022, even though new debt was high, the debt-to-GDP ratio actually fell from 63.3% (2021) to 60.2% because the economy grew much faster than the rise in debt.
But PMX didn’t mention that after 2022, the debt-to-GDP ratio jumped to 64.8% (end 2024), meaning debt is now rising faster than the economy.
As of 22 July 2025, new gov debt is already RM81.28b, above 2024’s total.
Fitch has warned Madani may miss the 2025 budget due to overspending.