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Malaysiakini
an hour ago
- Business
- Malaysiakini
Govt succeeds in reducing new debt
Prime Minister Anwar Ibrahim said the government has succeeded in reducing the annual debt to RM77 billion in 2024 from RM99 billion in 2022. This thus fulfils the commitment of more prudent fiscal management, and only the interest payments on old debts have not yet been reduced, he said.
The Sun
4 hours ago
- Business
- The Sun
Malaysia reduces new debt to RM77 billion in 2024, says PM Anwar
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim revealed that the government has successfully lowered annual new debt to RM77 billion in 2024, a significant drop from RM99 billion in 2022. Speaking at the Prime Minister's Department monthly assembly, he emphasised that this achievement aligns with the administration's commitment to prudent fiscal management. 'The new debt incurred was RM99 billion in 2022, dropping to RM93 billion in 2023 and further to RM77 billion in 2024. The government promised to reduce new debt, and we have fulfilled that,' Anwar stated. He dismissed claims that the government was increasing overall debt, clarifying that only interest payments on older debts remain unchanged. Anwar, who also serves as Finance Minister, highlighted the gradual reduction in the fiscal deficit from 5.5 per cent in 2022 to 4.1 per cent in 2024, with a target of 3.8 per cent this year. He explained that a measured approach ensures development projects and market confidence remain unaffected. 'We manage the national economy like a household. If income is RM5,000 but spending is RM7,000, that's a deficit. Now, we're reducing expenditure step by step,' he said. The Prime Minister also commended Malaysia's improved global competitiveness, noting an 11-place jump to 23rd in the IMD World Competitiveness Ranking 2025. This progress, driven by economic reforms and administrative efficiency, supports the MADANI Economy Framework's goal of placing Malaysia among the top 12 competitive economies by 2033. Anwar cited the International Monetary Fund's (IMF) approval of Malaysia's fiscal reforms, including the Public Finance and Fiscal Responsibility Act (FRA), as evidence of the government's disciplined approach. – Bernama
New Straits Times
4 hours ago
- Business
- New Straits Times
Govt succeeds in reducing new debt
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim said the government has succeeded in reducing annual new debt to RM77 billion in 2024 from RM99 billion in 2022. This, he said, fulfils the government's commitment to more prudent fiscal management, with only the interest payments on old debts yet to be reduced. "The new debt that the government has incurred was RM99 billion in 2022, dropping to RM93 billion in 2023, and in 2024 the total is RM77 billion... that is less. "They say the total amount (of debt) is more, added with the old debt and the interest that we have to pay, but I said the government promised to reduce new debt – we have fulfilled that. "But what is being spread around... we are increasing (the debt), so it is as if we are deceiving the people. If you look at these figures, who is deceiving?" he said when speaking at the Prime Minister's Department monthly assembly here today. Anwar, who is also the Finance Minister, said annual new debt had been successfully reduced in line with the drop in the fiscal deficit, while giving the commitment that the government would continue reducing the deficit in stages and responsibly, without affecting national development. He said the government had reduced the country's fiscal deficit from 5.5 per cent in 2022 to 4.1 per cent in 2024, with a target of 3.8 per cent for this year. He explained that the government had opted for a gradual approach so that deficit reduction would not come at the expense of development needs or market confidence. "We took over in 2022. The fiscal deficit at that time was 5.5 per cent. What is a deficit? It means spending exceeds national income, which means we are in debt. "We manage the national economy like a household economy. If the income is RM5,000 but the expenditure is RM7,000, that is a deficit. "So now we are reducing the expenditure to RM6,500, RM6,000, RM5,500. If it drops suddenly, then (development) cannot proceed," he said. The Prime Minister also praised the civil service for its contributions that helped Malaysia jump 11 places in the IMD World Competitiveness Ranking 2025 to 23rd position, up from 34th in 2024, driven by improved economic performance and administrative efficiency. In June, the Ministry of Investment, Trade and Industry (MITI) announced that Malaysia had achieved its best performance since 2020 in the World Competitiveness Ranking (WCR), reflecting progressive momentum in the country's economic recovery and reform agenda. MITI said Malaysia is on track to be among the world's 12 most competitive economies by 2033, in line with the MADANI Economy Framework. Anwar added that the International Monetary Fund, in its Article IV consultation for 2025, had praised Malaysia's commitment to implementing fiscal reforms, including the Public Finance and Fiscal Responsibility Act (FRA). "What does that mean? It means the Finance Minister has handed over some of his powers to Parliament to assess if the target has been met," he said. — BERNAMA
Barnama
5 hours ago
- Business
- Barnama
Govt Succeeds In Reducing New Debt
BUSINESS PUTRAJAYA, July 21 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim said the government has succeeded in reducing the annual debt to RM77 billion in 2024 from RM99 billion in 2022. This thus fulfills the commitment of more prudent fiscal management, and only the interest payments on old debts have not yet been reduced, he said. 'The new debt that the government has incurred (was) RM99 billion in 2022, dropping to RM93 billion in 2023 and in 2024 the total is RM77 billion... that is less. "They say the total amount (of debt) is more, added with the old debt and the interest that we have to pay, but I said the government promised to reduce new debt, we have fulfilled that. "But what is being spread around... we are increasing (the debt), so it is as if we are deceiving the people. If you look at these figures, who is deceiving?" he asked when speaking at the Prime Minister's Department monthly assembly here today. Anwar, who is also the Finance Minister, said annual new debt had been successfully reduced in line with the reduction in the deficit, while giving the commitment that the government would reduce the fiscal deficit in stages and responsibly without affecting national development. He said the government had reduced the country's fiscal deficit from 5.5 per cent in 2022 to 4.1 per cent in 2024, with a target of 3.8 per cent for this year. He explained that the government has chosen a 'gradual' approach so that deficit reduction does not sacrifice development needs and market confidence. Anwar said the move was in line with economic principles that emphasise financial discipline in the economic management of an entity, including the country.
The Star
7 hours ago
- Business
- The Star
Over 50 tonnes of subsidised cooking oil sold in breach of guidelines, Auditor-General's Report reveals
PETALING JAYA: More than 50,000kg of subsidised cooking oil was sold to food operators, restaurants, traders, and non-governmental organisations, in breach of official guidelines, the latest Auditor-General's Report has revealed. According to the report released Monday (July 21), these transactions were not in line with the Cooking Oil Price Stabilisation Scheme (COSS) standard operating procedures issued by the Domestic Trade and Cost of Living Ministry. An audit at a Kelantan-based retailer last July found the business, which operated as a restaurant, had stored up to 204kg of subsidised cooking oil. In 2024, the company had purchased 11,390kg of subsidised oil from five manufacturers. An unrecorded sale of 561kg between the retailer and a manufacturer was also flagged. In Terengganu, a wholesaler was found to have sold cooking oil to multiple caterers between January 2023 and June 2024. Audit checks revealed 189 cash transactions worth RM77,657.50 involving subsidised oil. A separate case in Miri, Sarawak, found that a supplier had distributed RM5,700 worth of subsidised cooking oil to unlicensed individuals for free between April and July last year. The supplier claimed to represent an NGO. Following these findings, the ministry confirmed that the Kelantan company's controlled goods licence had been revoked and its eCOSS account deactivated to prevent further supply. The unrecorded transaction will meanwhile be referred to the ministry's enforcement division. The wholesaler's account in Terengganu has also been deactivated pending investigations. The report also revealed cases of retailers selling more than three packets of subsidised oil per customer. This includes a case in Selangor which sold 170 packets worth RM425 to a catering company, and a trader in Terengganu who made two transactions totalling RM57.50. The report also revealed discrepancies in how subsidised cooking oil stocks were recorded and kept in the inventory. 'Lack of effective enforcement will open opportunities for companies to manipulate sales in their stock books,' it said. The report also said there were no clear guidelines for managing spoiled cooking oil nor its sale, resulting in two companies storing 942kg of the product for sale to used cooking oil collectors. 16 companies were also involved in the repackaging of spoiled cooking oil. The Auditor-General proposed that the ministry improve its COSS guidelines to tackle said issues. 'There must also be targeted distribution schemes to ensure only eligible households can purchase the subsidised product, and limit it being sold to foreigners and commercial entities. 'The purchase limit should also be reviewed so it aligns with actual needs alongside avoiding large-scale purchases for commercial purposes,' it said. It added that the COSS system must be used holistically to prevent any leakages. 'Periodic internal audits and cross verification with stock books and reporting systems must be made mandatory for manufacturers, packaging companies, wholesalers and traders to ensure a more comprehensive monitoring system,' it said. It also proposed that targeted initiatives like the Sumbangan Asas Rahmah programme be expanded.
