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Malaysia strives to lower national debt

Malaysian Prime Minister Anwar Ibrahim said the government will work to gradually reduce the national debt and budget deficit, without resorting to raising taxes that hurt the poor.
Malaysia strives to lower national debt ảnh 1A currency exchange counter in Kuala Lumpur, Malaysia. (Photo: AFP/VNA)
Kuala Lumpur (VNA) – MalaysianPrime Minister Anwar Ibrahim said the government will work togradually reduce the national debt and budget deficit, without resorting to raisingtaxes that hurt the poor.

He told the media recentlythat Malaysia’s debt has reached the ceiling and should gradually go down.

The countryhad raised the debt limit to 60% of gross domestic product (GDP) from 55% in2020 in the early days of the COVID-19 pandemic, and lifted it further to 65%in 2021 to make room for additional borrowings to fund fiscal stimulus.

Thelaw under which the ceiling was raised lapsed on December 31, 2022. Malaysia’sactual debt is at 61% of GDP.

While Malaysia remainsA-rated by credit agencies Moody’s Investors Service and S&P GlobalRatings, a reduction in government debt ratio will be key to winning a highercredit score from Fitch Ratings Ltd., which is currently the only one of thethree main rating companies to have a lower BBB+ rating on the country.

Addressing adialogue session on budget on January 17, the PM said Malaysia’s national debtincluding liabilities has reached 1.5 trillion RM (about 346 billion USD),equivalent to 80% of GDP./.
VNA
#Malaysia #Anwar Ibrahim #national debt #Malaysian Prime Minister #budget deficit #Malaysia’s debt #fiscal stimulus #updated Vietnam news #Vietnamplus #Vietnam News Agency Malaysia
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