Govt committed to reducing national deficit
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim said the government is committed to consistently reducing the country's fiscal deficit to ensure a more sustainable economy and to maintain investor confidence.
Anwar, who is also the Finance Minister, said the fiscal deficit was at 5.5 per cent when he assumed leadership in 2022. It was reduced to 4.1 per cent in 2024, with a projection of 3.8 per cent for this year.
'Some people ask why we want to reduce the deficit so much. Why not just give more to the people? But if we don't do it this way, investor confidence will not be there.
'For me, the foremost responsibility of leadership and economic management is to implement policies that we believe are good – that is what matters most.
'Secondly, with investor confidence, we can solve many issues related to national revenue, job opportunities, and overall development,' he said at the Finance Ministry's monthly assembly here today.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
27 minutes ago
- The Star
SST on commercial rental will impact retail sector, says MRCA
PETALING JAYA: The Malaysian Retail Chain Association (MRCA) has called on the government to postpone the implementation of the 8% sales and service tax (SST) on rental and leasing services, due to come into effect on July 1. MRCA said while it recognises the government's intention to broaden the national tax base and enhance fiscal sustainability through targeted measures, extending SST to commercial rental presents considerable challenges to retailers operating physical outlets. ALSO READ: Expanded SST comes into effect July 1 "The additional cost burden comes at a time when many businesses are already contending with rising operational expenses, including minimum wage adjustments, stamping of employee contracts and heightened regulatory compliance," it said in a statement on Friday (June 20). "In the context of the supply chain from manufacturers and distributors to retailers, the increased cost of doing business is expected to translate into higher end prices for consumers," it added. ALSO READ: Expanded SST will add RM5bil to national coffers in 2025, RM10bil in 2026 MRCA said retailers across the board may find it increasingly difficult to absorb these additional expenses, particularly with a weaker consumer sentiment amid expectations of gradual government subsidy removal. MRCA said it will continue to engage with the Finance Ministry and relevant agencies to ensure that policy implementation remains balanced, transparent and conducive to the sustainable growth of the retail sector.
Malaysiakini
27 minutes ago
- Malaysiakini
Special Branch director is new IGP
Bukit Aman's Special Branch director Khalid Ismail has been appointed as the new inspector-general of police. Please join the Malaysiakini WhatsApp Channel to get the latest news and views that matter.
The Star
27 minutes ago
- The Star
South Korea says SK and Amazon to invest $5 billion in country's biggest data centre
FILE PHOTO: Figurines with computers and smartphones are seen in front of Amazon logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo SEOUL (Reuters) -South Korea's SK Group will invest around 7 trillion won ($5.11 billion) including $4 billion from Amazon Web Services, Amazon's cloud services provider, to build a data centre in the southern city of Ulsan, the Science Ministry said on Friday. The AI data centre, which will be the country's largest, will break ground in September and be fully operational with a capacity of 100 megawatts by 2029, the ministry said in a statement. SK Group Chairman Chey Tae-won said he planned to expand the data centre's capacity to one gigawatt in the future and make it a global hub that handles domestic AI demand during a meeting attended by President Lee Jae Myung and tech CEOs. Artificial intelligence was crucial for South Korea's growth, he said. "It may set a good example that South Korea's high-tech industry is possible not only in the metropolitan area but also in the provinces," Lee said. South Korea's AI-related stocks on Friday extended a rally on policy optimism, with SK Hynix rising more than 3%, Kakao surging 11%, and LG CNS gaining 9%, leading the benchmark KOSPI above a key milestone of 3,000 points for the first time in 3-1/2 years. The official announcement follows media reports earlier this month that SK Group and Amazon Web Services were building a data centre in South Korea. ($1 = 1,368.7600 won) (Reporting by Hyunsu Yim and Jihoon LeeEditing by Ed Davies)
