By Nur Ashikin Louis
KUCHING, Feb 24: Malaysia’s debt will reach RM1.2 trillion or more than 60 per cent of gross domestic product (GDP) for 2023, likening the annual payment of RM46 billion is only enough to pay off the interest rate.
Prime Minister Dato Seri Anwar Ibrahim said debt service payments this year have reached RM46 billion or 16 per cent of revenue, exceeding the maximum limit of 15 per cent practised so far.
“This payment of RM46 billion is only for interest or loan interest. This honourable House should be reminded that for 25 years, the government has been spending in deficit, and the national debt continues to increase.
“We used to go into debt to develop Federal Land Development Authority (Felda) land, and that is not upsetting, but going into debt to finance a mega project without interest invites the question of whether we are betraying the trust if the younger generation is burdened with debt,” he said when tabling the National Budget 2023 in Parliament today.
He also mentioned that the country would reach RM1.5 trillion or 81 per cent of GDP if debt and liabilities were calculated. — DayakDaily
