Malaysian government proposes raising public debt ceiling to 65 percent of GDP
The Ministry of Finance of Malaysia submitted the Bill of Interim Financial Measures, which proposed to raise the public debt ceiling from the current 60 to 65 percent of GDP, to the National Assembly on September 28.
Kuala Lumpur (VNA) - The Ministry of Finance of Malaysia submitted the Bill of Interim Financial Measures, which proposed to raise the public debt ceiling from the current 60 to 65 percent of GDP, to the National Assembly on September 28.
Malaysian Finance Minister Zafrul
Aziz said that by raising the public debt ceiling, it would provide more
fiscal space to support the reopening of the economy and ensure a stable
recovery.
The Minister also affirmed that raising the public debt ceiling is still in line with the government's commitment to fiscal consolidation measures in the medium term. Along with that, the proposed Fiscal Accountability Act (FRA) will also help improve governance, transparency and accountability in national fiscal management.
He stressed that the government's current priority is to protect people's lives and ensure that the country's economic growth prospects remain strong in the medium and long term. According to him, these priorities are in line with the core targets of the 12th Malaysia Plan (12th MP) and the Commonwealth Vision 2030, and are based on principles of financial management.
The official also said that, to ensure there is enough financial space to implement development programmes under the 12MP framework, the government is committed to implementing fiscal consolidation measures based on the medium-term fiscal framework, including a medium-term budget collection strategy to expand tax revenue and increase debt solvency./.
The Minister also affirmed that raising the public debt ceiling is still in line with the government's commitment to fiscal consolidation measures in the medium term. Along with that, the proposed Fiscal Accountability Act (FRA) will also help improve governance, transparency and accountability in national fiscal management.
He stressed that the government's current priority is to protect people's lives and ensure that the country's economic growth prospects remain strong in the medium and long term. According to him, these priorities are in line with the core targets of the 12th Malaysia Plan (12th MP) and the Commonwealth Vision 2030, and are based on principles of financial management.
The official also said that, to ensure there is enough financial space to implement development programmes under the 12MP framework, the government is committed to implementing fiscal consolidation measures based on the medium-term fiscal framework, including a medium-term budget collection strategy to expand tax revenue and increase debt solvency./.
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
World
Indonesia’s coffee exports surpass imports
Indonesia’s coffee exports have surpassed imports for 47 consecutive months since May 2020, the Central Statistics Agency (BPS) has reported.
World
Thailand expects wave of tourists during Golden Week
The Tourism Authority of Thailand (TAT) estimates that about 996,000 foreign tourists will visit the Southeast Asian country between April 26 and May 5, known as the Golden Week holidays in Japan, during which Chinese tourists also prefer to travel overseas.
World
Argentinian media praises Dien Bien Phu Victory
Argentinian newspapers have called Vietnam's Dien Bien Phu Victory (May 7, 1954) a symbol of the national liberation movement of oppressed and colonialised peoples worldwide.
World
Laos speeds up granting licences to foreign workers
Laos's Ministry of Labour and Social Welfare plans to issue visas to illegal foreign workers and extend permits to legal ones so that they can continue to work in the country.
World
Argentinian scholar praises Vietnam’s April 30, 1975 victory
The complete reunification of Vietnam on April 30, 1975 was an extremely significant event in the history of the country and the world, opined a scholar from the Institute for International Relations at the National University of La Plata, Argentina.
