Malaysia's new government, led by Prime Minister Mahathir Mohamad, achieved a shock victory last month after a notorious corruption scandal which contributed to his predecesor's defeat.
Malaysia current debt and liabilities stand at more
than $251 bn - about 80% of the country`s GDP.
Feeling optimistic after the first
change in government since Independence in 1957, Malaysians, using their credit
cards, gave nearly $2m in the 24 hours
after authorities set up a special page on internet to raise cash.
“Truly,
Malaysians have taken their patriotism to a greater height, willing to help
rebuild this nation we all love.They
voluntarily want to share their earnings with the government to help ease the
burden," said Finance Minister Lim Guan Eng, as he announced the fund to
provide a "systematic and transparent" platform for contribution. He also provided a bank account number to receive
donations in the local currency, and said it will publicize the fund's tally
daily.
The move is reminiscent of the late
1990s when South Koreans queued to donate wedding rings and other valuables to
help their struggling economy amid Asia's financial crisis.
US-based Twitter users were quick to
draw parallels. The US national debt passed $20tn last year."With the US deficit ballooning, I
wonder how long before we try this." commented one person.
But analysts said the move was unlikely
to have much of an impact. "Given the scale of debt we are looking at in
Malaysia, there is a very long way to go " said Krystal Tan, Asian economist
at Capital Economics.
