Finance Minister Lim Guan Eng is confident that Malaysia is on the right track to strengthen its economy and fiscal status by 2021, leading the way to regaining its position as an Asian Tiger.
The breakdown included federal government debt of RM686.8 billion or 50.8% of GDP and government guarantees of RM199.1 billion or 14.6% of GDP. Lim also addressed the importance of transparency being implemented by the government, especially in addressing scandals such as 1Malaysia Development Bhd , Tabung Haji and Felda, while also combating the corrupt practices by the previous administration.
In other developments, Lim said the Pakatan Harapan government had begun the process of repaying tax refund arrears of RM37 billion left by the previous government.He also pointed out that inflation is being well managed at 0.4% in February and international rating agencies had also maintained their A3 ratings for Malaysia.
He also said that Malaysia’s economy was still developing steadily with the economic fundamentals strong, alongside savings from renegotiations undertaken for infrastructure projects.
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