OUR SQUANDERED OIL FUND COULD HAVE BEEN OUR PENSION FUND

Press statement by Kua Kia Soong, SUARAM Adviser 13 Sept 2019

The Malaysian government is pointing to our near empty national coffers as a justification for not paying pensions to our civil servants. Considering our petroleum industry started in the 1970s, compare our financial state to that of the Government Pension Fund of Norway, also known as their Oil Fund which was only established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. The Norwegian Government Pension Fund Global is invested in international financial markets, so the risk is independent from the Norwegian economy. Today, their Pension Fund has over US$1 trillion in assets, including 1.5% of global stocks and shares, making it the world’s largest sovereign wealth fund. In 2018 it was worth about $195,000 per Norwegian citizen.

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