Prime Minister Najib Razak has slammed speculation that Malaysia’s national debt is too big, saying it is at a manageable level, with the money spent on infrastructure development for the benefit of the people, reported Bernama.
“This is because we have capped it at 55 percent of our gross domestic product. Our national debt is only at 50.8 percent of GDP. Singapore, Japan and Italy have much bigger debts,” said Najib, who also serves as finance minister, at Perlis Urban Transformation Centre’s official opening.
“But that’s not the gauge because it is more important that we have the ability to repay. 98 percent of our debt is in ringgit but we have the ability to repay.”
He believes that people friendly infrastructure is crucial for the growth of the country’s economy.
According to him, the economy will not grow if ‘infra-rakyat’ (infrastructure for the people) is not well implemented.
“If the economy does not grow, we cannot provide employment opportunities to the thousands of our children graduating annually from the public institutions of higher learning such as Universiti Malaysia Perlis (UniMAP),” explained Najib, who along with wife Rosmah Mansor, is on a one-day visit to Perlis.
“If the economy does not grow, how can we provide the subsidies in the education and health sectors and meet the expenditure for all public servants?”
He also announced that 500 housing units, worth RM78 million, will soon be built under the Kangar people’s housing programme in a bid to help those who cannot afford a home.
Image sourced from Newsweek
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