[Video] In 2016, Mahathir And Kit Siang Claimed That Malaysia Will Fail And Be Bankrupt. Here's What The World Bank Says Today

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“The government will have financial deficits which may lead to bankruptcy if the (1MDB) loans are not serviced and the principal paid,” the former prime minister wrote in his blog chedet.cc back in 2016 warning about 1MDB.

Tun Dr Mahathir Mohamad repeated the same allegation as he gave interviews to international media agencies, warning of impending financial doom for our country. Similarly, DAP Parliamentary leader Lim Kit Siang has repeated his claims of Malaysia being a failed state like clockwork going back two decades.

"Malaysia would have descended further in the next two years down the slope towards a failed and a rogue state," he said in a public speech, warning that will be the outcome if Prime Minister Datuk Seri Najib Razak should run the country for another two years.

Fast forward two years later, and unsurprisingly Malaysia is not bankrupt or failed, but instead used as a role model by the World Bank for the rest of the world.

World Bank Group Executive Director Dr Otaviano Canuto had shared a video commentary recently about how Malaysia's impressive growth should be emulated by other countries around the world.

"Malaysia is now an upper middle-income economy reaching for high income status.

"It achieved impressive growth through diversification and we think it has much to teach the rest of the world," Dr Otaviano said in the recording he shared on Twitter yesterday.

He was commenting on the World Bank Malaysia Hub's second anniversary on 27 March 2018 and its milestones, pointing out that positioning of The Hub in Malaysia is an "example of how we can work with countries moving up the income ladder".

He said that Malaysia's achievements is so notable that The Hub is also "taking lessons from the Malaysian experience to other countries".

"In two years, the Hub has hosted over 50 knowledge activities in over 40 countries," he observed, concluding that World Bank's collaboration with Malaysia has become "a great model on how to share global lessons on how to leverage knowledge to maximise financing for development".

In January this year, the prime minister had also reaffirmed Malaysia's economic success which he points out is supported by global rating agencies, while the ringgit is getting stronger and is expected to continue to rise further.

“Our situation is constantly monitored by rating agencies. We have Moody’s, Fitch (Ratings), the IMF (International Monetary Fund), the World Bank who come periodically to Malaysia.

“They will look at everything. From their detailed investigation, they are still affirming Malaysia’s A- rating and stable outlook.

“It means that we are in Group A countries,” he said in January, in an interview on the “Bicara Empat Mata” aired on TV3.

- mD