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Malaysian King takes pay cut to help slash country’s debts

Malaysia's King, Sultan Muhammad V, has offered to reduce his allowance and emoluments by 10 percent until the end of his reign in 2021, the royal palace said on June 11.
Malaysian King takes pay cut to help slash country’s debts ảnh 1Malaysian King Sultan Muhammad V. (Source: nationmultimedia)

Hanoi (VNA) - Malaysia's King, Sultan Muhammad V,has offered to reduce his allowance and emoluments by 10 percent until the endof his reign in 2021, the royal palace said on June 11.  

His moveaims to support the Malaysian Government’s efforts to reduce public debts.

Last month, the newly-installed MalaysianCabinet has also agreed to take a 10 percent cut in ministers' salaries aspart of efforts to control spending in the context that the new Governmentis facing public debts exceeding 1 trillion RM (251.5 billion USD). However,this policy is not compulsory to high-ranking officials.

Aftertaking office, Malaysia’s new Prime Minister Mahathir Mohamad said that theGovernment will prioritise addressing the country’s debts which amount to 80percent of the gross domestic products (GDP).

Hecommitted to reviewing major projects ratified by the previous Government, whichwould help cut one fifth of the debts. -VNA

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