No Reason To Raise Statutory Debt Ceiling Says Ahmad Maslan


 
Ahmad Maslan said the government’s statutory debt excluding contingent liabilities remained below the 65% debt ceiling.PETALING JAYA: Deputy finance minister Ahmad Maslan today affirmed the government will not raise the statutory debt ceiling, currently at 65% of gross domestic product (GDP), but did not shed light on how the administration plans to deal with its massive RM1.5 trillion debt.
“Without contingent liabilities, the debt is RM1.2 trillion, which is about 61% of GDP. I don’t see a need to raise the debt ceiling, because it has already been raised twice from 55% to 60% and then again from 60% to 65%,” he told reporters today.
Ahmad was responding to questions raised following Prime Minister Anwar Ibrahim’s announcement last week that the country’s debt and contingent liabilities amount to a whopping RM1.5 trillion or around 80% of GDP.
Speaking to reporters after the signing of a memorandum of understanding (MoU) between the Malaysian Small Entrepreneurs Chamber of Commerce and Uniti Asia Group of Business, he said the government statutory debt, sans contingent liabilities, remained below the 65% debt ceiling.
-ADVERTISEMENT-Ads by 
Statutory debt is composed of Malaysian Government Securities, Malaysian Government Investment Issues and Malaysia Islamic Treasury Bills.
It excludes contingent liabilities, which includes debt such as incurred by 1MDB and borrowing taken for development or infrastructure projects. Hence, whilst its statutory debt remains below the ceiling, it is still a cause of great concern.
Statutory debt is expected to creep towards 64% of GDP this year based on the projections of various banks and research houses.
Purpose of a debt ceiling
The statutory debt limit is the total amount of money that a government is authorised to borrow to meet its existing legal obligations.
The ceiling acts to prevent excessive public debt – which requires large service payments – from reducing the available funding from being invested in productive activities and to stimulate economic growth.
Malaysia’s statutory debt ceiling was raised from 55% to 60% in late August 2020, and then again from 60% to 65% in 2021, because of the need to undertake more borrowing during the pandemic. The increase of the ceiling to 60% was the first since July 2009.
This was channelled into relief packages, funding for the healthcare sector and subsidising wages for employees.
Plugging the holes
The decision not to raise the debt ceiling may indicate the unity government is hoping to service its mountain of debt through increased revenue collection. This is likely to come in the form of reducing tax leakages, plugging the holes, and fixing the pipes of the government’s revenue collection system.
“We are experiencing high leakages. In less than two months at the ministry of finance, I have identified RM3 billion to RM4 billion that can be saved,” Anwar said at the 2023 Budget Dialogue last week.
He also added up to RM10 billion could be saved from leakages in the government procurement system, although no further details were revealed.
Ahmad commented last month on the tax leakages from the “black economy”, asking the Inland Revenue Board (IRB) to find “creative” ways to tax their existing activities.
MSMEs not forgotten
Ahmad noted today that Budget 2023 would emphasise on supporting the country’s 1.2 million micro and small-to-medium enterprises (MSMEs).
“We will pay a lot of attention to (MSMEs) in the budget, as they act as a driving force in the economy,” he said, adding support may come in the form of tax incentives.
A series of 18 dialogues up to Feb 10 to collate suggestions for Budget 2023 will be held. Ahmad said the budget would “definitely provide good news” for Malaysian citizens, and MSMEs in particular.
“We aim to make all these businesses great on both a local and global scale, becoming ‘glocal’,” he added. - FMT


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2023/01/no-reason-to-raise-statutory-debt.html

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Open Tenders Can Boost National Revenue Says Ahmad Maslan

Open Tenders Can Boost National Revenue Says Ahmad Maslan

papar berkaitan - pada 1/2/2023 - jumlah : 194 hits
Deputy finance minister Ahmad Maslan says the government s other measures to raise its income level includes strengthening enforcement to reduce leakages SHAH ALAM The implementation of an open tender policy will lead to cost reduction for ...
Lodge Reports With Ec Macc On Cash Handouts Says Ahmad

Lodge Reports With Ec Macc On Cash Handouts Says Ahmad

papar berkaitan - pada 23/1/2023 - jumlah : 156 hits
Ahmad Maslan said these payments were allegedly made just days before polling day PETALING JAYA Umno secretary general Ahmad Maslan has asked Terengganu Umno to file reports with the Election Commission and Malaysian Anti Corruption Commiss...
Sabar Rakyat Ahmad Maslan Dah Keluarkan Formula 7 Langkah Untuk Hutang Rm1 5 Trillion

Sabar Rakyat Ahmad Maslan Dah Keluarkan Formula 7 Langkah Untuk Hutang Rm1 5 Trillion

papar berkaitan - pada 19/1/2023 - jumlah : 178 hits
Harapnya aku tak tersalah baca Dalam ramai ramai ahli PKR yang katanya bijak pandai urustadbir ekonomi kewangan Ahmad Maslan juga akhirnya penyelamat formula HmmmmBerikut langkah langkah penuh yang disenaraikan Ahmad di media sosialnya pagi...
Fiscal Consolidation Can Remedy Govt S Debt Woes Says Ideas

Fiscal Consolidation Can Remedy Govt S Debt Woes Says Ideas

papar berkaitan - pada 28/1/2023 - jumlah : 177 hits
High debt levels will impede the government s ability to respond in the event of an economic downturn says IDEAS Tricia Yeoh PETALING JAYA The government should prioritise implementing fiscal consolidation to prevent a further rise in the n...
Sarawak S Status As Region Merely Ahmad Zahid S Suggestion Says Abang Jo

Sarawak S Status As Region Merely Ahmad Zahid S Suggestion Says Abang Jo

papar berkaitan - pada 15/1/2023 - jumlah : 188 hits
Abang Johari speaks to reporters when met at the Kuching Car Free Morning event at Padang Merdeka in Kuching today Picture by Roystein Emmor Borneo PostKUCHING Jan 15 Sarawak s status as a region was merely a suggestion by Deputy Prime Mini...
Umno Member Acted On His Own Ahmad Said Says Over Objection Filed At Ros

Umno Member Acted On His Own Ahmad Said Says Over Objection Filed At Ros

papar berkaitan - pada 22/1/2023 - jumlah : 147 hits
The Umno member who filed a notice of objection to the Registrar of Societies did not represent the views or stance of Terengganu Umno said the state chapter s chief Ahmad Said Ahmad who is also the Kijal assemblyperson said that the Kuala ...
Umno Has No Moral Legitimacy To Raise Issue Of Money Politics Says Pas

Umno Has No Moral Legitimacy To Raise Issue Of Money Politics Says Pas

papar berkaitan - pada 23/1/2023 - jumlah : 133 hits
PETALING JAYA Umno has no moral legitimacy to accuse PAS of practising money politics or bribery says Khairil Nizam Khirudin The Islamist party s information chief claimed that PAS had never used such tactics to woo voters unlike other part...
Epf Withdrawal Pm Not Keen Salahuddin Says It Warrants Discussion

Epf Withdrawal Pm Not Keen Salahuddin Says It Warrants Discussion

papar berkaitan - pada 17/1/2023 - jumlah : 123 hits
Prime Minister Anwar Ibrahim has dismissed calls for another round of Employees Provident Fund special withdrawals but one of his ministers said it warrants a cabinet discussion Anwar pointed out that it would be better for the government t...
No More Empty Project Announcements Says Anwar

No More Empty Project Announcements Says Anwar

papar berkaitan - pada 17/1/2023 - jumlah : 109 hits
Prime Minister Anwar Ibrahim told civil servants in Perlis to embrace change Arrogance must be left behind he said PETALING JAYA No more empty announcements about state projects that was Prime Minister Anwar Ibrahim s message today to state...
Pensyarah Didakwa Hina Nabi Jawi Turut Buka Siasatan

The Difference In The Concept Of Illicit Relationship Between Muslims And Non Muslims

Murid Buktikan Pada Guru Lembu Makan Martabak

Let S Not Return To The Old Ways Of Tight Media Control

Air Terjun Tujuh Puteri Bukit Sri Permata

Bank Islam Berwajah Baru Melalui Aplikasi Dan Web

Company Director Scammed Of Over Rm1mil By Inspector Harun

Mixology Vape S Commitment To Quality Crafting The Best Vape Flavours Nz


echo '';
Senarai Lagu Tugasan Konsert Minggu 1 Gegar Vaganza 2024 Musim 11

Info Dan Sinopsis Drama Berepisod Dhia Kasyrani Slot Akasia TV3

Biodata Terkini Reshmonu Peserta Gegar Vaganza 2024 Musim 11 GV11 Penyanyi Lagu Hey Waley

Gegar Vaganza 2024 GV 11 Hadiah Tiket Peserta Juri Format Pemarkahan Dan Segala Info Tonton Live Di Astro Ria Dan Sooka

6 Janji Donald Trump Kalau Dia Naik Jadi Presiden Semula


Kathryn And Sydney S Fantastic Pantyhose Adventure Part One

15 Creative Diy Fall Garlands To Spruce Up Your Autumn D Cor

Rare Footage Of Fish Rescuing Friend From Snake Catches Netizens Attention

Kacang Pool Roti Rentung Pertama Kali Merasainya

Resepi Tenggiri Masak Sambal Ala Arab Zigni Yemeni

Pengalaman Naik Mahkamah Saman Jpj Bila Kereta Tiada Roadtax Dan Insuran