PM: Sharp drop in fiscal deficit detrimental to economy, development projects

So far, Anwar said, the government and BNM have been cautious and prudent in raising interest rates as a balanced approach is required. theSun theSundaily Anwar BNM economy LocalNews

: A sharp decline in the fiscal deficit rate will affect the country’s economy adversely, especially in terms of development projects related to education, healthcare and rural infrastructure, says Prime Minister Datuk Seri Anwar Ibrahim.

He was replying to Dr Radzi Jidin’s query on the effect of the ringgit’s depreciation on the national economic recovery and the approach being taken to strengthen the local currency. “Since Dec 31, 2022, the ringgit has eased 3.8 per cent against the US dollar. The Japanese yen fell more than six per cent to the greenback, while the Australian dollar, South Korean won and Chinese yuan dropped about three per cent,” he said.

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