Bernama – Fiscal reforms are needed to put Malaysia’s economy on a sustainable and solid trajectory

KUALA LUMPUR, March 27 (Bernama) — Prime Minister Datuk Seri Anwar Ibrahim has said that the government needs to implement fiscal reforms to ensure Malaysia’s economy remains on a sustainable and solid trajectory. He said there is.

He said that for Malaysia to start towards becoming a high-income economy based on humanitarian values, fiscal reforms will focus on targeted subsidies and expanding the revenue base, creating fiscal space that can be mobilized to improve national welfare. He said that he would create

In a post on X (formerly Twitter) today, he said, “The MADANI government also intends to put a stop to the debt addiction syndrome in order to restore the confidence of foreign investors.”

The Prime Minister said that although fiscal reform measures are inconvenient for everyone, they are necessary to revitalize the national economy.

“Given that tax revenue as a percentage of gross domestic product is only 11.8%, there is limited scope for governments to invest in human resource development and provide adequate support to vulnerable and needy groups. “There is,” he said.

Yesterday, Mr Anwar chaired a meeting of the Fiscal Policy Committee (FPC) to discuss and consider the latest Malaysian economic scenario and short- to medium-term outlook for the country’s fiscal situation.

During the FPC meeting, he said committee members would strengthen the Debt Management Office to strengthen the government’s debt management, and the role of the Treasury’s Investor Relations Office to serve as the main reference center for market investors. He said they had agreed to streamline the process.

Also, Deputy Prime Minister and Minister of Energy Transition and Water Transition Datuk Seri Fadillah Yusof, Minister of Economy Rafizi Ramli, Minister of Finance Datuk Seri Amir Hamza Azizan, and Principal Secretary to the Government Tan Sri Mohd Zuki Ali , Finance Secretary Datuk Johan Mahmud was also present. Merican, Bank Negara Malaysia Governor Datuk Abdul Rashid Abdul Ghafoor and senior officials from the Ministry of Finance.

— Bernama

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