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Malaysia raises budget deficit prediction

Malaysia's budget deficit is expected to grow to 6.5-7 percent of Gross Domestic Product (GDP) this year from a previous forecast of 6 percent after taking into account recent economic stimulus packages announced by the nation’s Government.
Malaysia raises budget deficit prediction ảnh 1COVID-19 vaccination in Kuala Lumpur, Malaysia (Source: APF/VNA)
Kuala Lumpur(VNA) – Malaysia's budget deficit isexpected to grow to 6.5-7 percent of Gross Domestic Product (GDP) this yearfrom a previous forecast of 6 percent after taking into account recent economicstimulus packages announced by the nation’s Government.

In an inclusive interview with the South China Morning Post(SCMP) on July 19, Malaysian Finance Minister Tengku Zafrul Abdul Aziz said theMalaysian government is ready to increase fiscal space to support the economyand the people.

He noted the deficit, which is going to reach 7 percent, is notabout the size of the deficit but the ability to borrow and the size of thereserves.

According to the official the nation’s highest ever deficit wasin 2008-2009, at 6.7-6.9 percent.

He said the Malaysian Government’s related support, giventhe fiscal constraints that we have, is adequate. He emphasised the fact thatthe Government has announced a food assistance programme for all sectors insociety. In addition, there is a 10 billion RM direct financing programme underthe National People's Well-Being and Economic Recovery Package (PEMULIH) to offercomprehensive support to people./.
VNA
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