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Malaysia can now not proceed with excessive finances deficit, searching for to cut back money owed: PM Anwar

PUTRAJAYA: Malaysian Prime Minister Anwar Ibrahim on Wednesday (Feb 8) warned that the nation can not proceed with a excessive finances deficit. 

In a press convention after a Cupboard assembly, Mr Anwar stated that the federal government is searching for to cut back its money owed with out affecting its improvement programmes.

“The nation can now not survive with a excessive (finances) deficit and (we) search to cut back (the money owed) and (with) reductions that don’t burden our improvement programmes. 

“I’ve obtained some further suggestions from the ministers (on this matter),” stated Mr Anwar. 

Final month, throughout his handle on the 2023 Price range Dialogue, Mr Anwar, who can also be the finance minister, stated that Malaysia’s nationwide debt has reached RM1.5 trillion (US$350 billion). 

He was quoted as saying by the New Straits Occasions that the determine, which incorporates liabilities, has already exceeded 80 per cent of the gross home product (GDP) and that this has a direct influence on the economic system.

Mr Anwar stated the determine additionally means that the nation’s finances deficit will widen additional than the sooner estimate of 5.Eight per cent of the GDP for 2022.

“The issue with our debt is it has already touched RM1.2 trillion and if liabilities are included, the debt is RM1.5 trillion,” he stated. 

In 2018, then-prime minister Mahathir Mohamad revealed that the nation was saddled with greater than RM1 trillion in debt following the opposition coalition’s win within the 2018 Common Election. Dr Mahathir then blamed the earlier authorities led by former protege Najib Razak on the difficulty.

And simply final yr, then finance minister Tengku Zafrul Abdul Aziz stated that the nation’s debt stood at RM1.045 trillion on the finish of June 2022. This corresponds with 63.Eight per cent of Malaysia’s GDP then.

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