KUALA LUMPUR, July 19 — The affirmation of the sovereign ratings by international rating agency, Fitch Ratings, proves the resilience of the country’s economy in an uncertain environment, said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.
The position was also supported by ample international reserves, large external bank and corporate assets as well as a net foreign exchange position of RM1.1 trillion or 77.0 per cent of GDP as at end-March 2021, he said. To protect the people and the business sector, since the onset of the Covid-19 pandemic, continued assistance has been provided through the implementation of eight stimulus packages and government assistance worth RM530 billion as well as the annual budget worth RM322.5 billion for 2021.
Other factors driving the country’s economic recovery include better external demand by major trading partners and the implementation of infrastructure projects with high multiplier effects, he said. Going forward, the finance minister said the national agenda would focus on the digitalisation and use of technology as well as improving the prospects and resilience of the Malaysian economy in the long run.