Save the country first

This is probably the most not nice story about Malaysia today as published by Bloomberg

UBS Warning of Worse to come 

excerpts :

The spread on the nation’s credit-default swaps widened 74 basis points in 2015 to 180 this week, a level not seen since October 2011. It’s the worst performing in Asia and almost 40 basis points more than similar-rated oil-producer Mexico, which the Swiss bank says best illustrates the malaise for Malaysia.

“The moves in CDS are telling us that the market is increasingly nervous about the central bank’s ability to manage the foreign-exchange selloff in light of its relatively light reserves position,” said Manik Narain, a London-based strategist at UBS. “Malaysia’s situation may now be more precarious.”

Bank Negara Malaysia’s foreign-exchange reserves slipped below $100 billion last month for the first time since 2010. They look “increasingly meagre” by emerging-market standards, said Narain, and compare with foreigners’ 206.8 billion ringgit ($50.6 billion) holdings of local-currency debt in July, the lowest in three years.

That's not very nice isn't it?

That's the kind of news about our country of late.

Bloomberg also has this earlier story which is also not so good about Malaysia,

Escaping Najib's Malaysia

But at least it has these on what we need to do and the fact that our economic woes are not all due to our own fault,

The nation has to show “a greater tolerance toward democracy, fighting corruption and a conservative monetary and fiscal policy” to restore confidence, said Christian Wildmann, a fixed-income portfolio manager at Union Investment Privatfonds GmbH in Frankfurt. Malaysia’s 10-year sovereign yield has jumped 26 basis points this month to 4.33 percent and Wildmann sees its rising to 4.7 percent by year-end.

Moody’s Investors Service is standing by its A3 rating on Malaysia with a positive outlook as Najib’s administration hasn’t reversed reforms despite the “increased political risk,” said Christian de Guzman, a vice president in Singapore. The ruling Barisan Nasional coalition lost the popular vote in May 2013, even as it kept a parliamentary majority. The next elections must be held by 2018.

Schroder Investment is among fund managers that view the probes as just one of the challenges for an economy that expanded at the slowest pace in almost two years in the second quarter.

“The domestic situation on the political side is uncertain,” said Rajeev De Mello, who oversees about $10 billion as head of Asian fixed income in Singapore. “But the other problems are the falling oil prices and commodity prices, which do impact Malaysia.”

I think we now need to be more focused on how to fix things instead of making it worse.

We also need to be more positive and constructive instead of continuously talking about how bad our country has become.

In short, we need to work more and talk less.

Only then we can restore confidence in our country.

I know, a lot of people are blaming all these on PM DS Najib Razak.

I also have my complaints about him and his people.

But, I believe that the priority now is for us to unite and save this country from more economic pains which potentially will later on bring along other kind of pains. 

Those who strongly feel the need to continue forcing Najib to step down, please do so but at least try to find a way that would not cause the country even more pains.

My personal opinion is that it's better to wait for the next general election two years from now to bring down Najib, if that's what Malaysians really want.

If that is unsuccessful, then there's the next Umno election after that.

For now, Najib will not step down no matter what.

He had proven his will to resist all attempts to force his removal from office.

I think by now, everyone should know that.

Therefore, for now, the country should be saved first.

It should not be sacrificed in order to remove Najib.

That can be done later.