KUALA LUMPUR, July 23 — Malaysia’s sovereign debt has shown a downward trend over the past three years, dropping from RM100 billion in 2021 and 2022 to RM93 billion in 2023. Prime Minister Datuk Seri Anwar Ibrahim expressed confidence that his government can further reduce this to RM86 billion by the end of 2024, aiming for greater financial stability. Speaking at the National Tax Conference 2024, he emphasized the importance of reducing borrowing while continuing development efforts, highlighting prudent spending and plugging potential financial leakages.
Anwar, who also serves as finance minister, stressed the necessity for taxpayers to fulfill their obligations to prevent financial leakages and support the country’s fiscal health. He pointed out that subsidies are a significant part of government expenditure that must be rationalized. Efficient law enforcement, stringent taxation measures, and anti-corruption efforts are essential strategies in stabilizing Malaysia’s financial standing, according to the prime minister.
