Malaysia to double deficit to fund stimulus, says finance minister

KUALA LUMPUR: Malaysia aims to borrow its way out of an economic slump brought on by the coronavirus pandemic, and the finance minister told Reuters it will nearly double its fiscal deficit this year while keeping open the option of raising the public debt ceiling.

"There is only so much monetary policy can do," Tengku Zafrul said in an interview in his office."So you need fiscal policy to come into play, as long as you have the discipline and the commitment in the longer term to go back to where you should be in terms of the deficit.

The region's largest economy, Indonesia, said last month that it expected its budget deficit to swell to 6.27 per cent due to virus-related stimulus. He declined to say how high the government might seek to raise the ceiling, a move that would require approval from parliament.

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