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Malaysia not susceptible to monetary collapse like Sri Lanka, says finance minister

KUALA LUMPUR: Finance Minister Tengku Zafrul Tengku Abdul Aziz stated in parliament on Tuesday (Jul 19) that the opportunity of Malaysia going bankrupt like Sri Lanka may be very slim. 

Responding to a query by Pontian lawmaker Ahmad Maslan, the minister famous that the Worldwide Financial Fund (IMF) has by no means reported that Malaysia was going through issues that may lead to chapter.

As an alternative, the IMF had expressed confidence in Malaysia’s financial development prospects, he stated.

“In late April this 12 months, the IMF expressed its confidence that our gross home product (GDP) will develop at a fee of 5.75 per cent.

“If we evaluate our financial indicators to Sri Lanka, it’s clear that our economic system is way stronger than theirs,” the minister was quoted as saying by New Straits Instances.

“Due to this fact, the opportunity of Malaysia going bankrupt like Sri Lanka may be very low.”

Mr Ahmad had requested the finance minister to make clear claims on social media that Malaysia might find yourself in monetary damage like Sri Lanka on account of authorities money owed.

As on the finish of June, Malaysia’s offshore loans amounted to RM29.four billion (US$6.6 billion) whereas statutory debt accounted for greater than 60 per cent of GDP.

Final week, Tengku Zafrul issued a press release stating that Malaysia’s fiscal place continues to be robust and the federal authorities’s debt continues to be underneath management.

He stated the federal government stays extremely disciplined and has by no means didn’t pay curiosity and mature money owed regardless of having gone by means of a collection of financial and monetary recession crises.

“This proves Malaysia’s popularity and talent as a debtor with an excellent compensation file,” he stated, in keeping with Bernama.

“The Ministry of Finance has lodged a proper grievance with the Malaysian Communications and Multimedia Fee on a number of false experiences on social media on the nation’s debt place which apparently are geared toward deceptive the individuals and doubtlessly undermining investor confidence in Malaysia,” he added.

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