World Economy

Malaysia PM Says: Economy on Track

Malaysia PM Says: Economy on TrackMalaysia PM Says: Economy on Track

International rating agency, Moody’s Investors Service’s positive outlook for Malaysia is a reaffirmation that the country’s economy is on the right track, Prime Minister Datuk Seri Najib Tun Razak said.

Speaking at a press conference after chairing the Umno Supreme Council meeting here Friday, he said the Supreme Council members were aware that the country’s economic achievements were something to be proud of despite the challenges at hand, Bernama reported.

“I’ve informed the Supreme Council on the special address (on Budget 2015 revision) that I had delivered on the current economic situation and the Supreme Council accepted that what we are confronted with is not a crisis or a recession, but rather a spin-off effect of factors outside of our control, especially the sharp fall in oil prices,” he said.

Moody’s has affirmed the government bond and issuer ratings of the government of Malaysia at A3, while the outlook remains positive.

It said the A3 ratings were based on the progress in fiscal reform and ongoing deficit reduction, credit concerns relevant to the rating action coupled with fundamental strengths remained intact despite lower commodity prices as well as global financial market volatility.

Najib recently unveiled pre-emptive measures to ensure the country’s economy remains resilience and meet its deficit-reduction targets amid the volatile economic landscape.

On a claim that some individuals are trying to take advantage of the situation to sabotage the economy, he said the evidence needed to be gathered first and relevant government agencies should take appropriate actions if they were true.

Deputy Umno president Tan Sri Muhyiddin Yassin was also present.