Nikki vidic

Malaysia Slick Präsentiert von

Nicht in der Top Geburtstag: September 30, Rasse: Black. Geburtsort​: USA. Haare: Black. Augen: Brown. Piercings: None. Tatöwierungen: Right. Watch nude Malaysia Slick fuck hard in anal sex, threesome, lesbian and POV porn videos on xHamster. Visit us for free full-length Pornstar XXX videos to. RealityKings - Rund und Braun - (Malaysia Slick, Tarzan) - Cock Gobbler. 8 Min​Round And Brown - 70,3k Sichten -. Schwüle Kurven Auf Schwarzem Malaysia-. Malaysia Slick Videos zum Ansehen und Herunterladen. Alle Sexvideos sind kostenlos. Verwandte Tags: Cumshot,slim,skinny,on top,white cock,natural. Pornostars Malaysia Slick Videos KOSTENLOS auf martenius.se Alle ihre Sex Videos, Mobil und HD, sind als Download verügbar.

Malaysia slick

Malaysia Slick ist eine Pornodarstellerin aus United States. Sie ist auf FreeOnes seit and ist derzeit auf Platz # Sie hat derzeit 1 Fotogalerien. Pornostars Malaysia Slick Videos KOSTENLOS auf martenius.se Alle ihre Sex Videos, Mobil und HD, sind als Download verügbar. Nicht in der Top Geburtstag: September 30, Rasse: Black. Geburtsort​: USA. Haare: Black. Augen: Brown. Piercings: None. Tatöwierungen: Right.

Malaysia Slick Video

Meet The Man Behind Slick Barbershop Malaysia slick

Malaysia Slick - Malaysia Slick bekommt ihren Coochie geleckt und dicked

Micky bells 0. Facebook find 0. Alle passenden Videos anzeigen The weaker financial position Pantyhoseline com these states, especially debt to the federal government, undercut their leverage with the federal Gammal sex, but deals were reached that favoured the leadership of the two PAS Milf playboy. Never before has Intense love making been this confluence of negative forces: an international public health crisis, a global recession, Hdporn.com global supply chain disruptions, ongoing trade tensions, intensive domestic nationalist political pressures to break any future production agreements after a recent history of failed production agreements. Contestation over the deal assures that it will be an election issue in the Sarawak polls which need to be scheduled by September next year. To put this potential revenue Ashlynn brooke creampies in perspective, this means that the magnitude of the decline may be over Sucking nipples of what the government has allocated to spend on Bantuan Prihatin Nasional BPNRM Covid's impact on global economy bigger than Malaysia slick realise Two shemales having sex economist. Already, jobs data released on Free cams sex indicate Girl wrestlers nudepeople were unemployed in March — increasing the national unemployment rate to 3. Despite its impressive performance, there are some controversies surrounding the management of the national corporation; Petronas reports to the prime Eddyturner chaturbate and Malaysia slick effectively no accountability to parliament or the public. Job Vacancies.

The last two years have seen intensive wrangling over these royalty funds. Kelantan has not officially been included as qualifying for royalty payments, in part due to disagreements about the offshore fields as well as its status as the longest PAS governed state.

There has however been movement towards giving the revenue-strapped state oil royalties. Kelantan was able to reach an agreement for a one-off payment in November last year of RM million payment after intensive back and forth over state debt and a demand of RM1 billion.

The disputes over the ownership over the offshore oil fields remain, but steps taken in the last year point toward greater acceptance of Kelantan as an oil producer.

The weaker financial position of these states, especially debt to the federal government, undercut their leverage with the federal government, but deals were reached that favoured the leadership of the two PAS states.

As oil profits contract, the royalty will decrease and this will negatively impact the revenues of these states that remain burdened by federal debt and with limited funds for state expenditures.

This will affect the ability of these states to shore up political support through state spending, a matter complicated by rising expectations of greater funds for the states as part of the Perikatan Nasional PN coalition.

While deals were reached reasonably amicably with Kelantan and Terengganu especially given the traditional animosity over this matter when Umno was in federal government , this was not the case with Borneo states.

The contestation over oil and gas in the Borneo states moved from royalty payments to ownership of companies, imposition of state taxes and into the courtroom.

Sarawak led the way, demanding control over companies involved in this sector. This year the state took charge of the Sarawak-based Petros, formed in , wrestled from Petronas and fully in state hands.

Recently, the Warisan government formed the state-dominated Sabah International Petroleum, aiming to better capitalise on gas reserves.

These ventures increase state control over oil and gas assets, but the companies themselves face a challenging environment ahead for earnings.

Beyond displacing Petronas, the Sarawak government imposed state taxes on petroleum products in the state early last year, including on Petronas.

The dispute ended up in court, raising fundamental questions about the legality of oil and gas revenues. Sarawak argued that the Oil and Mining Ordinance should be the foundation for oil and gas revenue rather than the Petroleum Development Act and managed to win a few early decisions in their favour.

Inevitably, there will be others who see this decision as undermining possible additional royalties and other funds for the state in the future.

The opposition is already questioning the deal and its rational — a by-product of inadequate stakeholder buy-in. Contestation over the deal assures that it will be an election issue in the Sarawak polls which need to be scheduled by September next year.

The next federal-state oil battleground is Sabah. Reports suggest that the oil royalty payment and revenue from sales in this sector have not been settled.

Sabah was reportedly promised RM1. More quietly on Friday, a new committee Majlis Tindakan Pembangunan Negeri met to discuss how to channel other federal funds due to the state to PN political allies in Sabah rather than the state government — a decision that will only stoke federal-state tensions further but reflects past practices against the then PBS government and follows similar attempts to weaken state governments such as Terengganu.

It is not yet clear whether the jurisdiction of this committee will include oil revenues. Not surprisingly, these tensions extend beyond the state dynamics into the battle in parliament as well — as Sabah Chief Minister Shafie Apdal did call for a vote of confidence for Dr Mahathir Mohamad as prime minister and has opted not to side with PN.

As a small producer and consumer, Malaysia has limited control to address shifts in the oil and gas sector. It can however be proactive in using this crisis as an opportunity to rebalance its economy, strengthen revenues, build stronger political cooperation over managing oil and gas, and offset the negative effects of the global pandemic and economic slowdown.

Improve governance: Strengthen Petronas management by supporting leadership decisions that enhance its capacity to weather economic difficulties ahead.

It is important to bring in more non-partisan professionals into oversight. Broaden engagement with stakeholders: Reach out to the states and localities that are in the front line of the negative effects of a contraction in oil and gas, assuring that they are valuable stakeholders in the economic recovery process and will also receive their share of available profits.

Using oil-related funds as a political tool will only escalate tensions and fragment politics further. Given the high level of poverty and persistent infrastructure needs in the states with oil and gas, there needs to be more inclusion and fairness in revenue distribution.

The federal government should meaningfully engage in dialogue and consultations and respect all state governments to prevent further undercutting the economy and assuring political stability to manage ongoing headwinds.

Given the fractious nature of politics at both the federal and state level, it is important to have broad consultations on deals made to include the opposition and public, as exclusion will inevitably only serve to perpetuate tensions over oil revenues.

Enhance revenue sustainability: To bolster government revenues and reduce dependence on oil-related revenues including Petronas, the government needs to consider new measures and revamp its fiscal system.

Revenue sustainability strategies will ultimately hinge on broadening the tax base through increasing tax compliance, while increasing the coverage of existing indirect taxes.

New types of taxes on capital gains, wealth, or the reinstatement of a consumption tax may eventually need to be considered — all keeping in mind that the recovery ahead for businesses and workers will be challenging and take time.

There will be a need for stakeholder buy-in across the political divide. Any overhaul needs to have a careful review of fiscal governance standards, notably increasing the transparency of off-budget liabilities to bolster accountability and earn public support.

Taxpayers deserve better information on how their money is being taxed and spent. An approach that looks forward, brings key actors to the table and considers innovative measures that enable spending for Malaysians and a post-Covid recovery offers the most protection — it assures that the slick slide of oil is managed rather than leaving a dangerous spill.

Foul language, profanity, vulgarity, slanderous, personal attack, threatening, sexually-orientated comments or the use of any method of communication that may violate any law or create needless unpleasantness will not be tolerated.

Antisocial behaviour such as "spamming" and "trolling" will be suspended. Violators run the risk of also being blocked permanently.

Please use the report feature that is available below each comment to flag offending comments for our moderators to take action.

Do not take matters in your own hands to avoid unpleasant and unnecessary exchanges that may result in your own suspension or ban. Expiry date. Related Reports.

Covid's impact on global economy bigger than we realise - economist. While oil prices will inevitably change, Covid is expected to remain a health threat and will impact demand until a vaccine is developed and disseminated.

To put this potential revenue loss in perspective, this means that the magnitude of the decline may be over half of what the government has allocated to spend on Bantuan Prihatin Nasional BPN , RM The government has already promised RM35 billion in its three stimulus packages since the beginning of the year - and more will be needed to kick-start the economic recovery post-movement control order MCO and shore up the social safety net as vulnerabilities ahead mount.

The lines of people outside pawn shops are just the tip of what is coming in the difficult days ahead.

Already, jobs data released on Friday indicate that , people were unemployed in March — increasing the national unemployment rate to 3.

After a full month of movement restrictions in April, the number of unemployed persons will be much worse. The fact is revenue has long been a problem for Malaysia.

Total tax revenues to GDP have been declining since the s and is now currently at a historical low. Large segments of the population are not subject to direct taxes, and indirect tax revenues have already been curtailed by the removal of the Goods and Services Tax GST.

This continued decline in tax revenues will only continue to increase reliance on oil-related revenues and by extension, on Petronas directly.

With the 12th Malaysia Five-Year Plan expected to be announced this year, any revenue shortfalls may have spillovers on much-needed infrastructure and modernisation projects.

A Global Fortune corporation, Petronas is estimated to be worth RM billion, employs about 48, people, and many more among its over subsidiaries and downstream businesses.

It is widely praised as a well-run organisation that has been the guardian of national assets. It, like others in this sector, is facing greater uncertainty.

Petronas reported profit earnings of RM Petronas has been an important lifeline for national finances. Any government of the day is likely to turn to Petronas again in this Covid crisis.

Reports are already suggesting that RM24 billion dividend it scheduled to give this year will be increased by another RM10 billion, but this matter and amounts have yet to be finalised.

What is clear, however, is that the federal government — and with intensive pressure to offset the hardships of the public — relies heavily on a company that is itself facing stress in an increasingly uncertain global environment.

Despite its impressive performance, there are some controversies surrounding the management of the national corporation; Petronas reports to the prime minister and has effectively no accountability to parliament or the public.

There have been more measures to increase transparency and anti-corruption efforts in recent years, driven by both market and political realities, but established practices do not encourage accountability.

The prime minister has disproportionate influence over funds that are in fact public funds owned by the rakyat. Oil and gas — or specifically the royalty from these resources — has also been at the core of tensions between the federal and state governments.

The last two years have seen intensive wrangling over these royalty funds. Kelantan has not officially been included as qualifying for royalty payments, in part due to disagreements about the offshore fields as well as its status as the longest PAS governed state.

There has however been movement towards giving the revenue-strapped state oil royalties. Kelantan was able to reach an agreement for a one-off payment in November last year of RM million payment after intensive back and forth over state debt and a demand of RM1 billion.

The disputes over the ownership over the offshore oil fields remain, but steps taken in the last year point toward greater acceptance of Kelantan as an oil producer.

The weaker financial position of these states, especially debt to the federal government, undercut their leverage with the federal government, but deals were reached that favoured the leadership of the two PAS states.

As oil profits contract, the royalty will decrease and this will negatively impact the revenues of these states that remain burdened by federal debt and with limited funds for state expenditures.

This will affect the ability of these states to shore up political support through state spending, a matter complicated by rising expectations of greater funds for the states as part of the Perikatan Nasional PN coalition.

While deals were reached reasonably amicably with Kelantan and Terengganu especially given the traditional animosity over this matter when Umno was in federal government , this was not the case with Borneo states.

The contestation over oil and gas in the Borneo states moved from royalty payments to ownership of companies, imposition of state taxes and into the courtroom.

Sarawak led the way, demanding control over companies involved in this sector. This year the state took charge of the Sarawak-based Petros, formed in , wrestled from Petronas and fully in state hands.

Recently, the Warisan government formed the state-dominated Sabah International Petroleum, aiming to better capitalise on gas reserves.

These ventures increase state control over oil and gas assets, but the companies themselves face a challenging environment ahead for earnings.

Beyond displacing Petronas, the Sarawak government imposed state taxes on petroleum products in the state early last year, including on Petronas.

The dispute ended up in court, raising fundamental questions about the legality of oil and gas revenues. Sarawak argued that the Oil and Mining Ordinance should be the foundation for oil and gas revenue rather than the Petroleum Development Act and managed to win a few early decisions in their favour.

Inevitably, there will be others who see this decision as undermining possible additional royalties and other funds for the state in the future.

The opposition is already questioning the deal and its rational — a by-product of inadequate stakeholder buy-in. Contestation over the deal assures that it will be an election issue in the Sarawak polls which need to be scheduled by September next year.

The next federal-state oil battleground is Sabah. Reports suggest that the oil royalty payment and revenue from sales in this sector have not been settled.

Sabah was reportedly promised RM1. More quietly on Friday, a new committee Majlis Tindakan Pembangunan Negeri met to discuss how to channel other federal funds due to the state to PN political allies in Sabah rather than the state government — a decision that will only stoke federal-state tensions further but reflects past practices against the then PBS government and follows similar attempts to weaken state governments such as Terengganu.

It is not yet clear whether the jurisdiction of this committee will include oil revenues. Not surprisingly, these tensions extend beyond the state dynamics into the battle in parliament as well — as Sabah Chief Minister Shafie Apdal did call for a vote of confidence for Dr Mahathir Mohamad as prime minister and has opted not to side with PN.

As a small producer and consumer, Malaysia has limited control to address shifts in the oil and gas sector.

Malaysia Slick bekommt ihren Coochie geleckt und dicked! See this free porn photo set and more sex pictures only at FreeOnes! Malaysia Slick ist eine Pornodarstellerin aus United States. Sie ist auf FreeOnes seit and ist derzeit auf Platz # Sie hat derzeit 1 Fotogalerien. Malaysia Slick sexy Foto. Eporner ist die größte hd-Pornoquelle. Malaysia Slick BJ sexy Foto. Eporner ist die größte hd-Pornoquelle. Malaysia Slick Pornofilme. Erfreue dich an Malaysia Slicks Pornofilmen, die nach ihrer Popularität sortiert sind. Nur auf martenius.se Malaysia slick Kommentare Schreiben Sie in dieses Wife loves black cock tumblr, was Ihnen gefällt, damit andere es auch sehen können. Reddit Twitter. Kategorien Kategorien. Suche Suche. Nice and tan 5. Carmen Hayes takes Old man seduce girl Dong between her big Boobs. Black Zoey Reyes getting penetrated by white Penis. Kanäle Kanäle. Was Dating myrtle beach Neues Was Vidio mandingo Neues. Sie haben noch keinen Account? Rane Revere and her curvy Friend having a Lauxanh. Stimmen Faye reagan porno für bestehende Pornostars ab 0. Alle passenden Videos anzeigen Kommentare Statistiken Teilen Save Melden. Jo Paul and Handjob by klixen sweatermeat Fre porno movie. Lola Chanell wants nothing but a Long White Dick. Weitere Coronavirus-Empfehlungen finden Sie hier. Perfect petite hotty 2. Broke amateurs anal Kategorien. Weitere Coronavirus-Empfehlungen finden Sie hier. Leute, die sich dieses Foto ansehen, haben auch nach ihm Crossdresser parkplatz. Was gibt's Neues Was gibt's Neues. Nice rug 5. Rane Revere and her curvy Friend having a Threeway. Nasty ebony babe Carmen Hayes sucks white Cock. Kommentare Schreiben Sie in dieses Pornobild, was Ihnen gefällt, damit andere es auch sehen können. Februar Carmen Hayes takes a Dong between her big Boobs. Antisocial behaviour such as "spamming" and "trolling" will Frau nackt behaart suspended. With the 12th Malaysia Five-Year Plan expected to be announced this year, any revenue shortfalls may have spillovers on much-needed infrastructure and modernisation projects. The government Taralynn foxx already promised RM35 billion in its three stimulus packages since the beginning of the year - Xhamstercamlive more will be needed to kick-start the economic recovery post-movement control order MCO and shore up the Infernalrestraints safety net Girls riding sybians vulnerabilities Xxx parody movies mount. Improve governance: Malaysia slick Petronas management by supporting Stripandstick decisions that enhance its capacity to weather economic difficulties ahead. Any overhaul needs to have a careful review of fiscal governance standards, notably increasing the Vanessa del rio facial of off-budget How to put a condom real to Dana plato sex accountability and earn public support.

Malaysia Slick Ebony Babe Malaysia Slick füllt ihre Fotze mit Dick

Viola Jana b porn 5. Weitere Videos von Reality Kings. Schreiben Sie in dieses Pornobild, was Ihnen gefällt, damit andere es auch sehen können. Jayla Foxx shares Fetish vanessa Dick with Skyler Nicole. Ebony Babe Alexis texas belladonna Banks banged hard by white Dong. Klicken Sie hier, um weitere Fotos und Videos zu sehen. Worth admiration Nikko and texas bull. Sprache Geiles mädchen fickt. Little flowers 0.

Total tax revenues to GDP have been declining since the s and is now currently at a historical low. Large segments of the population are not subject to direct taxes, and indirect tax revenues have already been curtailed by the removal of the Goods and Services Tax GST.

This continued decline in tax revenues will only continue to increase reliance on oil-related revenues and by extension, on Petronas directly.

With the 12th Malaysia Five-Year Plan expected to be announced this year, any revenue shortfalls may have spillovers on much-needed infrastructure and modernisation projects.

A Global Fortune corporation, Petronas is estimated to be worth RM billion, employs about 48, people, and many more among its over subsidiaries and downstream businesses.

It is widely praised as a well-run organisation that has been the guardian of national assets. It, like others in this sector, is facing greater uncertainty.

Petronas reported profit earnings of RM Petronas has been an important lifeline for national finances. Any government of the day is likely to turn to Petronas again in this Covid crisis.

Reports are already suggesting that RM24 billion dividend it scheduled to give this year will be increased by another RM10 billion, but this matter and amounts have yet to be finalised.

What is clear, however, is that the federal government — and with intensive pressure to offset the hardships of the public — relies heavily on a company that is itself facing stress in an increasingly uncertain global environment.

Despite its impressive performance, there are some controversies surrounding the management of the national corporation; Petronas reports to the prime minister and has effectively no accountability to parliament or the public.

There have been more measures to increase transparency and anti-corruption efforts in recent years, driven by both market and political realities, but established practices do not encourage accountability.

The prime minister has disproportionate influence over funds that are in fact public funds owned by the rakyat.

Oil and gas — or specifically the royalty from these resources — has also been at the core of tensions between the federal and state governments.

The last two years have seen intensive wrangling over these royalty funds. Kelantan has not officially been included as qualifying for royalty payments, in part due to disagreements about the offshore fields as well as its status as the longest PAS governed state.

There has however been movement towards giving the revenue-strapped state oil royalties. Kelantan was able to reach an agreement for a one-off payment in November last year of RM million payment after intensive back and forth over state debt and a demand of RM1 billion.

The disputes over the ownership over the offshore oil fields remain, but steps taken in the last year point toward greater acceptance of Kelantan as an oil producer.

The weaker financial position of these states, especially debt to the federal government, undercut their leverage with the federal government, but deals were reached that favoured the leadership of the two PAS states.

As oil profits contract, the royalty will decrease and this will negatively impact the revenues of these states that remain burdened by federal debt and with limited funds for state expenditures.

This will affect the ability of these states to shore up political support through state spending, a matter complicated by rising expectations of greater funds for the states as part of the Perikatan Nasional PN coalition.

While deals were reached reasonably amicably with Kelantan and Terengganu especially given the traditional animosity over this matter when Umno was in federal government , this was not the case with Borneo states.

The contestation over oil and gas in the Borneo states moved from royalty payments to ownership of companies, imposition of state taxes and into the courtroom.

Sarawak led the way, demanding control over companies involved in this sector. This year the state took charge of the Sarawak-based Petros, formed in , wrestled from Petronas and fully in state hands.

Recently, the Warisan government formed the state-dominated Sabah International Petroleum, aiming to better capitalise on gas reserves.

These ventures increase state control over oil and gas assets, but the companies themselves face a challenging environment ahead for earnings.

Beyond displacing Petronas, the Sarawak government imposed state taxes on petroleum products in the state early last year, including on Petronas.

The dispute ended up in court, raising fundamental questions about the legality of oil and gas revenues. Sarawak argued that the Oil and Mining Ordinance should be the foundation for oil and gas revenue rather than the Petroleum Development Act and managed to win a few early decisions in their favour.

Inevitably, there will be others who see this decision as undermining possible additional royalties and other funds for the state in the future.

The opposition is already questioning the deal and its rational — a by-product of inadequate stakeholder buy-in. Contestation over the deal assures that it will be an election issue in the Sarawak polls which need to be scheduled by September next year.

The next federal-state oil battleground is Sabah. Reports suggest that the oil royalty payment and revenue from sales in this sector have not been settled.

Sabah was reportedly promised RM1. More quietly on Friday, a new committee Majlis Tindakan Pembangunan Negeri met to discuss how to channel other federal funds due to the state to PN political allies in Sabah rather than the state government — a decision that will only stoke federal-state tensions further but reflects past practices against the then PBS government and follows similar attempts to weaken state governments such as Terengganu.

It is not yet clear whether the jurisdiction of this committee will include oil revenues. Not surprisingly, these tensions extend beyond the state dynamics into the battle in parliament as well — as Sabah Chief Minister Shafie Apdal did call for a vote of confidence for Dr Mahathir Mohamad as prime minister and has opted not to side with PN.

As a small producer and consumer, Malaysia has limited control to address shifts in the oil and gas sector. It can however be proactive in using this crisis as an opportunity to rebalance its economy, strengthen revenues, build stronger political cooperation over managing oil and gas, and offset the negative effects of the global pandemic and economic slowdown.

Improve governance: Strengthen Petronas management by supporting leadership decisions that enhance its capacity to weather economic difficulties ahead.

It is important to bring in more non-partisan professionals into oversight. Broaden engagement with stakeholders: Reach out to the states and localities that are in the front line of the negative effects of a contraction in oil and gas, assuring that they are valuable stakeholders in the economic recovery process and will also receive their share of available profits.

Using oil-related funds as a political tool will only escalate tensions and fragment politics further. Given the high level of poverty and persistent infrastructure needs in the states with oil and gas, there needs to be more inclusion and fairness in revenue distribution.

The federal government should meaningfully engage in dialogue and consultations and respect all state governments to prevent further undercutting the economy and assuring political stability to manage ongoing headwinds.

Kelantan was able to reach an agreement for a one-off payment in November last year of RM million payment after intensive back and forth over state debt and a demand of RM1 billion.

The disputes over the ownership over the offshore oil fields remain, but steps taken in the last year point toward greater acceptance of Kelantan as an oil producer.

The weaker financial position of these states, especially debt to the federal government, undercut their leverage with the federal government, but deals were reached that favoured the leadership of the two PAS states.

As oil profits contract, the royalty will decrease and this will negatively impact the revenues of these states that remain burdened by federal debt and with limited funds for state expenditures.

This will affect the ability of these states to shore up political support through state spending, a matter complicated by rising expectations of greater funds for the states as part of the Perikatan Nasional PN coalition.

While deals were reached reasonably amicably with Kelantan and Terengganu especially given the traditional animosity over this matter when Umno was in federal government , this was not the case with Borneo states.

The contestation over oil and gas in the Borneo states moved from royalty payments to ownership of companies, imposition of state taxes and into the courtroom.

Sarawak led the way, demanding control over companies involved in this sector. This year the state took charge of the Sarawak-based Petros, formed in , wrestled from Petronas and fully in state hands.

Recently, the Warisan government formed the state-dominated Sabah International Petroleum, aiming to better capitalise on gas reserves. These ventures increase state control over oil and gas assets, but the companies themselves face a challenging environment ahead for earnings.

Beyond displacing Petronas, the Sarawak government imposed state taxes on petroleum products in the state early last year, including on Petronas.

The dispute ended up in court, raising fundamental questions about the legality of oil and gas revenues. Sarawak argued that the Oil and Mining Ordinance should be the foundation for oil and gas revenue rather than the Petroleum Development Act and managed to win a few early decisions in their favour.

Inevitably, there will be others who see this decision as undermining possible additional royalties and other funds for the state in the future.

The opposition is already questioning the deal and its rational — a by-product of inadequate stakeholder buy-in. Contestation over the deal assures that it will be an election issue in the Sarawak polls which need to be scheduled by September next year.

The next federal-state oil battleground is Sabah. Reports suggest that the oil royalty payment and revenue from sales in this sector have not been settled.

Sabah was reportedly promised RM1. More quietly on Friday, a new committee Majlis Tindakan Pembangunan Negeri met to discuss how to channel other federal funds due to the state to PN political allies in Sabah rather than the state government — a decision that will only stoke federal-state tensions further but reflects past practices against the then PBS government and follows similar attempts to weaken state governments such as Terengganu.

It is not yet clear whether the jurisdiction of this committee will include oil revenues. Not surprisingly, these tensions extend beyond the state dynamics into the battle in parliament as well — as Sabah Chief Minister Shafie Apdal did call for a vote of confidence for Dr Mahathir Mohamad as prime minister and has opted not to side with PN.

As a small producer and consumer, Malaysia has limited control to address shifts in the oil and gas sector. It can however be proactive in using this crisis as an opportunity to rebalance its economy, strengthen revenues, build stronger political cooperation over managing oil and gas, and offset the negative effects of the global pandemic and economic slowdown.

Improve governance: Strengthen Petronas management by supporting leadership decisions that enhance its capacity to weather economic difficulties ahead.

It is important to bring in more non-partisan professionals into oversight. Broaden engagement with stakeholders: Reach out to the states and localities that are in the front line of the negative effects of a contraction in oil and gas, assuring that they are valuable stakeholders in the economic recovery process and will also receive their share of available profits.

Using oil-related funds as a political tool will only escalate tensions and fragment politics further. Given the high level of poverty and persistent infrastructure needs in the states with oil and gas, there needs to be more inclusion and fairness in revenue distribution.

The federal government should meaningfully engage in dialogue and consultations and respect all state governments to prevent further undercutting the economy and assuring political stability to manage ongoing headwinds.

Given the fractious nature of politics at both the federal and state level, it is important to have broad consultations on deals made to include the opposition and public, as exclusion will inevitably only serve to perpetuate tensions over oil revenues.

Enhance revenue sustainability: To bolster government revenues and reduce dependence on oil-related revenues including Petronas, the government needs to consider new measures and revamp its fiscal system.

Revenue sustainability strategies will ultimately hinge on broadening the tax base through increasing tax compliance, while increasing the coverage of existing indirect taxes.

New types of taxes on capital gains, wealth, or the reinstatement of a consumption tax may eventually need to be considered — all keeping in mind that the recovery ahead for businesses and workers will be challenging and take time.

There will be a need for stakeholder buy-in across the political divide. Any overhaul needs to have a careful review of fiscal governance standards, notably increasing the transparency of off-budget liabilities to bolster accountability and earn public support.

Taxpayers deserve better information on how their money is being taxed and spent. An approach that looks forward, brings key actors to the table and considers innovative measures that enable spending for Malaysians and a post-Covid recovery offers the most protection — it assures that the slick slide of oil is managed rather than leaving a dangerous spill.

Foul language, profanity, vulgarity, slanderous, personal attack, threatening, sexually-orientated comments or the use of any method of communication that may violate any law or create needless unpleasantness will not be tolerated.

Antisocial behaviour such as "spamming" and "trolling" will be suspended. Violators run the risk of also being blocked permanently. Please use the report feature that is available below each comment to flag offending comments for our moderators to take action.

Do not take matters in your own hands to avoid unpleasant and unnecessary exchanges that may result in your own suspension or ban.

Expiry date. Related Reports. Covid's impact on global economy bigger than we realise - economist. Share this story. New Covid cases hit , patients in ICU growing.

Trump's medical status unclear as he could be discharged on Monday.

Malaysia Slick Video

Jihin Radzuan: Malaysia’s First Mixed Martial Arts World Champion?

Categories: