Malaysian King Sultan Muhammad V. (Source: nationmultimedia) Hanoi (VNA) - Malaysia's King, Sultan Muhammad V, has offered to reduce his allowance and emoluments by 10 percent until the end of his reign in 2021, the royal palace said on June 11.
His move aims to support the Malaysian Government’s efforts to reduce public debts.
Last month, the newly-installed Malaysian Cabinet has also agreed to take a 10 percent cut in ministers' salaries as part of efforts to control spending in the context that the new Government is facing public debts exceeding 1 trillion RM (251.5 billion USD). However, this policy is not compulsory to high-ranking officials.
After taking office, Malaysia’s new Prime Minister Mahathir Mohamad said that the Government will prioritise addressing the country’s debts which amount to 80 percent of the gross domestic products (GDP).
He committed to reviewing major projects ratified by the previous Government, which would help cut one fifth of the debts. -VNA
VNA
