MOF to maintain debt limit at 60% of GDP
The Finance Ministry says the government aims to gradually reduce its debt-to-GDP ratio to provide the country with fiscal headroom to manage potential crises in the future. – The Malaysian Insight file pic, October 8, 2022.
“Concurrently, the government is also exploring the feasibility of a single debt limit as one of its fiscal rules,” the ministry said in its Fiscal Outlook and Federal Government Revenue Estimates 2023 report released yesterday. It said the lowering of the debt burden could be realised through fiscal reforms accompanied by improved revenue collection post-crisis and expenditure rationalisation.
The ministry said in terms of debt service charges -to-revenue ratio, Laos recorded the highest ratio at 19.2% followed by Malaysia while other countries’ ratio stood less than 10% including Japan and Singapore . It said even though several revisions have been made to the debt ceiling to provide additional fiscal space, Malaysia has resiliently endured headwinds to steadily serve maturing debts and interest payments.
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