Najib Says Malaysia Reserves at $100 Billion
Najib Says Malaysia Reserves at $100 Billion

Najib Says Malaysia Reserves at $100 Billion

Najib Says Malaysia Reserves at $100 Billion

Malaysia’s international reserves, which amount to more than $100 billion, are much stronger now than during Dr Mahathir Mohamad’s administration, says Prime Minister Najib Razak.
In an engagement session with Chinese youth at the Chinese Youth Summit in Serdang Saturday, Najib said during the 1997/98 Asian financial crisis, the country’s international reserves were only around $20 billion, compared with today’s $101.4 billion (RM428.7 billion) as of October 13, Malaysia Insight reported.
 “First of all, I want to tell you that our national debt is at 51%, which is below the 55% self-imposed ceiling, and there are many countries in the world that have much higher debt than Malaysia, including Singapore.
“During Mahathir’s time, the debt was much, much higher, so they cannot criticize us. Even at $20 billion, we didn’t go bankrupt, despite the RM31 billion RCI loss–real money loss, not paper loss–during his time managing the country. Remember that today, we are much stronger, our reserves are much stronger and our deficit is much lower than before. That is because we manage things in a prudent way,” he said.
Najib was responding to a question about the government’s plan to bring the national debt down to make the country’s economy sustainable. Najib said the national debt remained manageable as about 97-98% of the national debt was domestic debt.
“If you don’t borrow, you cannot increase expenditure, and if you cannot increase expenditure, then the economy cannot grow. If the economy grows, the percentage of national debt will decrease, so we believe in an expansionary policy,” he said, adding that the government aimed to achieve a federal government deficit of below 3% of gross domestic product next year.
On household debt, Najib said the government was looking at ways to increase income, as well as encouraging companies to set aside more of their profits for wages.

Short URL : https://goo.gl/7oHgE9
  1. https://goo.gl/uFpWDk
  • https://goo.gl/9cVjeE
  • https://goo.gl/Y4c37i
  • https://goo.gl/KvVtGk
  • https://goo.gl/7EB7CJ

You can also read ...

Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Add new comment

Read our comment policy before posting your viewpoints