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BUSINESS • 04/12/2024 02:20 PM

Govt To Continue Strengthening Financial Position While Supporting Economic Growth -- PM Anwar

KUALA LUMPUR, Dec 4 (Bernama) -- The government will continue to balance efforts to strengthen the country’s financial position to be more sustainable while ensuring that fiscal policies continue to support the national economic growth momentum, according to Prime Minister Datuk Seri Anwar Ibrahim.

He said the reform agenda will be intensified next year and the country’s economy is expected to grow strongly by between 4.5 and 5.5 per cent.   

“(This is) supported by the third MADANI Budget which is geared towards achieving each MADANI Economy benchmark with three key focus areas, which are reinvigorating the economy, driving reforms and prospering the rakyat,” he said when tabling the Supply Bill 2025 for its second reading at the Dewan Negara today.

Anwar, who is also Finance Minister, said the Third MADANI Budget will intensify fiscal reform efforts that are firmer and targeted.

He said strict and gradual measures have been taken to reduce the fiscal deficit rate consistently from 5.5 per cent of gross domestic product (GDP) in 2022 to 5.0 per cent in 2023, with the figure estimated at 4.3 per cent for 2024 and forecast at 3.8 per cent for 2025.

“In other words, the government has succeeded in controlling the amount of new debt, which declined from about RM100 billion in 2022 to over RM90 billion in 2023. It is estimated to be RM85 billion for 2024 and projected at RM80 billion in 2025,” he said.

Following two years of the MADANI administration, the country’s economic position continues to strengthen, Anwar said.

“The latest figures show we have achieved economic growth of 5.2 per cent for the first nine months of 2024, surpassing the Budget 2024 GDP growth projection of four to five per cent,” he said.

Furthermore, Anwar said, the unemployment rate dropped to 3.2 per cent in September 2024, the lowest level since January 2020, while inflation rate remained low at 1.9 per cent in October 2024.

-- BERNAMA

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