KUALA LUMPUR: Malaysia’s national debt has reached RM1.5 trillion (US$350 billion) and immediate action must be taken to address the issue, Prime Minister Anwar Ibrahim said on Tuesday (Jan 17).
He said the figure, which includes liabilities, has already exceeded 80 per cent of the gross domestic product (GDP) and that this has a direct impact on the economy.
He was quoted as saying by the New Straits Times that the figure also suggests that the country’s budget deficit will widen further than the earlier estimate of 5.8 per cent of the GDP for 2022.
“The problem with our debt is it has already touched RM1.2 trillion and if liabilities are included, the debt is RM1.5 trillion,” said Mr Anwar at the 2023 Budget Dialogue at the finance ministry.
In 2018, then-prime minister Mahathir Mohamad revealed that the country was saddled with more than RM1 trillion in debt following the opposition coalition's win in the 2018 General Election. Dr Mahathir then blamed the previous government led by former protege Najib Razak on the issue.
And just last year, former finance minister Tengku Zafrul Abdul Aziz said that the country’s debt stood at RM1.045 trillion at the end of June 2022. This corresponds with 63.8 per cent of Malaysia’s GDP then.
Mr Anwar was quoted as saying by national news agency Bernama on Tuesday that the economy is still “considered weak”.
“It is also related to international developments, both in terms of the Russia-Ukraine conflict and post-COVID-19, and has yet to show economic strength,” he said.
The finance minister was quoted as saying by the New Straits Times that Malaysians cannot afford to be complacent and living “with a culture of contentment as if there is no problem”.
https://news.google.com/__i/rss/rd/articles/CBMib2h0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vYXNpYS9tYWxheXNpYS1uYXRpb25hbC1kZWJ0LTEtNS10cmlsbGlvbi1hbndhci1pYnJhaGltLWltbWVkaWF0ZS1hY3Rpb24tMzIxMDg4MdIBAA?oc=5
2023-01-17 05:32:00Z
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