Malaysia works to reduce debt, fiscal deficit
The Malaysian government is steadfast in achieving its gradual fiscal consolidation target by reducing national debt, while continuing to invest in improving the quality of life for all Malaysians, according to Prime Minister Anwar Ibrahim.
Malaysian Prime Minister Anwar Ibrahim. Photo courtesy of https://www.malaysiakini.com/.
Speaking to the press on Sunday, Anwar said the government has inherited a debt of MYR1.5 trillion ($356 billion), with the annual fiscal deficit reducing to 5% of GDP in 2023 from 5.6% in 2022.
The government has set targets of reducing the fiscal deficit to 4.3% of GDP in 2024, he said, noting that the annual fiscal deficit is gradually declining along with borrowings.
Anwar emphasized that while the government has set targets for reducing the fiscal deficit and national debt, it will continue to invest in areas such as education, public health, and infrastructure to better the quality of life for Malaysians.
The national debt currently stands at 64% of GDP, with the government aiming to reduce this figure to at least 60% in stages.
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