KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), in meeting stakeholders' demand, has contributed almost RM1.2 trillion since 1976 in the spirit of giving out to the society, especially when the country is grappling with the COVID-19 pandemic.
KUALA LUMPUR (Feb 20): Petroliam Nasional Bhd (Petronas), in meeting stakeholders demand, has contributed almost RM1.2 trillion since 1976 in the spirit of giving out to the society, especially when the country is grappling with the Covid-19 pandemic.
President and group chief executive officer (CEO) Tengku Muhammad Taufik Tengku Aziz said the contributions included those to the federal government, state governments, tax collection, and payment of oil royalty, and the rate would likely increase in the long run.
The national oil company also did not hold back on its continued commitment to put aside a portion for the National Trust Fund or Kumpulan Wang Amanah Negara (KWAN).
Fitch downgrade is a wake-up call to the rising debt service charges of the country
FOR the past 21 years, whether there is an economic crisis or not, Malaysia’s debt levels have been rising.
One only needs to look at the debt service charges (DSC), which has been on the uptrend since the 1998 Asian Financial Crisis.
That year Malaysia imposed capital controls to stop the manipulation of the ringgit. The controls were effective and saved the economy then. But at the same time it gave leeway for the government to borrow to fuel their spending without being penalised by international rating agencies.