KUALA LUMPUR: While S&P Global Ratings has lowered its outlook on Malaysia, the government believes that its proactive response to the crisis due to C...
: While S&P Global Ratings has lowered its outlook on Malaysia, the government believes that its proactive response to the crisis due to Covid-19 is both timely and appropriate, said Finance Minister Tengku Datuk Seri Zafrul Abdul AzizHe said initiatives and measures under the RM295 billion stimulus and recovery packages were aimed at protecting lives, supporting businesses, saving and creating jobs, as well as stimulating the economy.
Tengku Zafrul noted that most of the measures introduced by the government under the stimulus and recovery packages were either one-off or temporary, and therefore would not have a permanent impact on government finances in the medium term. According to him, in the medium and longer term, the government remains committed to its fiscal reform agenda and will resume its fiscal consolidation effort once the global economy recovers.
He pointed out that Malaysia had a good track record of fiscal management. During the global financial crisis in 2008/09, its fiscal deficit widened to 6.7 per cent of GDP in 2009 but the government had successfully reduced the figure to 3.4 per cent of GDP in 2019. The minister said this was further supported by the optimistic outlook on the economy in S&P Global Ratings’ report which projected the country’s strong GDP growth recovery of 7.5 per cent next year.
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