KUALA LUMPUR, Oct 2 — It is high time for Malaysia to have a proper medium to long-term revenue strategy to restore its fiscal buffers, said the World Bank. World Bank lead...
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“It is important to have a long-term fiscal view of what the Malaysian economy spending needs by sectors and, hence, how much more revenue needs to be mobilised. Right now, to the best of our knowledge, there is no target of the revenue that needs to be raised. It said rigid expenditures on salaries, pensions, and interest payments continue to rise, exacerbated by various spending inefficiencies, including broad-based fuel subsidies and distortionary price controls.
In July, the government introduced its medium-term economic plan, the Madani Economy, which aims to reduce the fiscal deficit to 3.0 per cent of GDP or below.
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