I refer to the AFP article [#1] S&P; downgrades Malaysia, cites 'moral hazard' [/#] (April 5). It says that there has been an inflow of US$10 billion from end-1999 to February 2001; however, our reserves actually decreased by US$2 billion within the same period.

So, where did US$12 billion, or RM45 billion, go?

Let us see what we could have done with RM45 billion.

We could have built lots and lots of national, Chinese and Tamil primary schools.

We could have constructed tens of thousands of low-cost houses.

We could have raised the pay of our teachers, doctors and nurses.

We could have upgraded the medical facilities at all government hospitals.

We could have provided half-decent basic infrastructure to all rural areas (all, including Sabah and Sarawak).

We could have taken really good care of the blind, the elderly, the autistic, the hardcore poor; and not forgetting our downtrodden estate workers.

We could have given scholarships to deserving but poor students (irrespective of race, of course). The list goes on and on.

We could have taken firm steps towards making Malaysia a developed country.

Where did that RM45 billion go?