Malaysia’s Prime Minister Mahathir Mohamad (Source: thestar)

Kuala Lumpur (VNA) – Malaysia’s Prime Minister Mahathir Mohamad has announced that his administration is taking various approaches to reduce the national debt from 1 trillion RM (251.2 billion USD) to 800 billion RM, including dissolution of some agencies, the News Straits Times reported on May 27.

Mahathir said that one of the first measures is to cut down government spending. Specifically, the Government will reduce several employees who are recruited to serve political parties, not the government.

The same applies to several agencies which are not managed by the government but use government funds, he added.

The leader also pointed to several reasons leading to the high debt.

According to him, there are companies wholly owned by the government but not subject to government laws and regulations. These borrowed large amounts that were then lost or stolen.-VNA