I don’t want govt’s debt to rise further, says PM

June 13, 2023

I don’t want govt’s debt to rise further, says PM

SHAH ALAM: The unity government is working hard to spur economic recovery as it wants to reduce its national debt which has breached the RM1.5 trillion mark, says Prime Minister Anwar Ibrahim.

Anwar, who is also finance minister, said taking up loans so that Putrajaya could “spend as much as possible” would only cause the economy to languish.

“Therefore, I do not want (Malaysia’s) debt to rise. We must lower our debt level. Deficits mean that we’re spending over our limits,” he said in a speech while addressing Selangor civil servants at Dewan Jubli Perak here.

The prime minister added that taking on massive debts would be detrimental for future generations of Malaysians and would be an irresponsible move.

He took a dig at a “former prime minister and finance minister”, who had purportedly said the government could just take on debts to fund its spending if it lacked funds.

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“But this is irresponsible. Who will pay off (the debt)? It will be our children.”

Anwar also quipped that he can finally receive his salary as prime minister once the economy recovers. He pointed out that he has not been taking his wages for helming the top post over the past six months.

“When the economy recovers, I can then take a salary again. But until the economy recovers, I will not take my salary,” he said.

He also drew comparisons with Indonesia and pointed out that Jakarta made drastic spending cuts, even making massive cuts on subsidies for electricity tariffs across the board.

However, Anwar said he would not emulate such drastic moves as it would burden Malaysians.