Kuala Lumpur: Malaysia's debt is still manageable as it is below 55 per cent to the Gross Domestic Product (GDP) ratio, said Minister in the Prime Minister's Department Datuk Seri Idris Jala.He said the 53.8 per cent of national debt for last year is within the range as the government continues its efforts to bring down the fiscal deficit level.
"With the implementation of the Economic Transformation Programme, we are on the right trajectory and continue to reduce the deficit level every year. For 2012, we aim to narrow further the fiscal deficit to 4.7 per cent from 5.0 per cent of last year's GDP," he told the media on the sidelines of the GTP Roadmap 2.0 Open Day here Tuesday.
Citing the Mass Rapid Transit project, Idris said though the government had to raise funds for the project, it still managed to keep the debt level below 55 per cent.
"We borrow for investments (aiming) to grow our GDP and economy.
The debt level will directly reduce. Unlike Greece, they are borrowing a lot of money but the economy is shrinking," he added.
Read More:
PM says the government will ensure that Malaysia's debt limit will not exceed 55% of Gross Domestic Product as part of its prudent management strategy in managing the nation's finances.
ReplyDeleteThe government has also taken steps to reduce its fiscal deficit in line with its commitment to ensure further growth
ReplyDelete