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Malaysia not going bankrupt: Najib

  • Najib says Malaysia has managed to reduce its debt to 50.4% of GDP while garnering higher foreign reserves. Photo courtesy: Bernama

KUALA LUMPUR, Feb 22 -- Datuk Seri Najib Tun Razak has reiterated that Malaysia would not go bankrupt as it managed to reduce its debt to 50.4 per cent against the self-imposed ceiling of 55 per cent, garnered higher foreign reserves, while works on infrastructure projects are in full swing.

The Prime Minister said the government had made bold decisions such as implementing the Economic Transformation Programme to boost the economy, creating 2.26 million jobs and raising income to between 5.0 per cent and 6.0 per cent per year.

"We have a self-imposed limit of 55 per cent of GDP (gross domestic product), we have reduced it to 50.4 per cent.

"During the Asian Financial Crisis, our reserves was down to US$20 billion, we didn't go bankrupt then. Now, our reserves is about US$124 billion. Can you say we"re bankrupt?" he said at the "Budget 2018 with the Rakyat¡¨ programme, here today.

Najib, who is also Finance Minister, said Malaysia"s economic growth of 5.9 per cent in 2017 was among the highest in the world, while its inflation and unemployment rate were low.

"That is the big picture. Our achievements have received very good reviews from international organisations such as the World Trade Organisation who commended Malaysia as our economy is moving in the right direction and our policies are showing positive results, including some measures that we have taken," he said.

 

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