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Malaysia widens fiscal deficit target

Malaysia expects its fiscal deficit to widen to 4 percent of gross domestic product (GDP) this year because of the 58 billion USD stimulus measures announced to counter the impact of the coronavirus pandemic on the economy.
Hanoi (VNA)- Malaysia expects its fiscal deficit to widento 4 percent of gross domestic product (GDP) this year because of the 58billion USD stimulus measures announced to counter the impact of the coronaviruspandemic on the economy.

Inan interview with state news agency Bernama last weekend, Finance MinisterTengku Zafrul Tengku Abdul Aziz said Malaysia’s fiscal deficit for 2020 would increasefrom 3.2 percent in 2019 to 4 percent this year.

Lastweek, Prime Minister Muhyiddin Yassin said his government would roll out a 250billion ringgit (58 billion USD) economic stimulus package.

Of this amount, about 100billion ringgit will be used to help businesses – mostly small and mediumenterprises (SMEs) – while a further 128 billion ringgit will be allocated topublic welfare.

The stimulus amount worksout to be about 17 percent of the country’s GDP and includes measures worth 20billion ringgit announced last month by the previous government./.
VNA
#coronavirus#GDP#pandemic#economy#state news agency Bernama#small and medium enterprises (SMEs)#Vietnamplus#Vietnam News Agency
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