It’s all Jho Low’s fault, says Guan Eng on PTPTN repayments
Jho Low stole RM50 billion so borrowers must now pay back their study loans
(FMT) – The Pakatan Harapan (PH) government would have been able to fulfil its 14th general election promise for higher education fund borrowers, if it had not been for controversial businessman Low Taek Jho, better known as Jho Low.
Finance Minister Lim Guan Eng said this in response to criticisms on his recent announcement that all National Higher Education Fund (PTPTN) borrowers must repay their loans even if they are earning RM1,000 a month which contradicts PH’s election promise that only those earning a monthly income of RM4,000 would need to do so.
“I accept these criticisms because really, we wanted to implement (the PH manifesto), but just look at our fiscal position. What can we do?
“If Jho Low had not taken away RM50 billion, it definitely can be done,” he said after the launch of the FundMyHome programme by Prime Minister Dr Mahathir Mohamad in Semenyih.
Lim had, in the national budget tabled in Parliament on Friday, announced that borrowers with an income of at least RM1,000 a month must repay their loans.
They will be subject to a progressive loan repayment schedule which will see them pay between 2% and 15% of their monthly income, depending on income level.
PH, in its election manifesto, had promised borrowers that repayments could be delayed until they earned RM4,000 a month.
Lim said the government was not being unreasonable and had come up with several options for borrowers, who are now working, to repay their loans.
“What we are saying is, we want to provide alternatives, but at the same time, we know it is difficult because of the financial fiscal position,” he added.
Lim also announced, when tabling of the budget, that the government was cancelling all PTPTN debts for those aged 60 and above who earn RM4,000 a month.
The scheme will benefit 350 borrowers.
It was also reported that companies that help employees repay the balance of their PTPTN loans will be given tax exemptions for the next financial year.
