KUALA LUMPUR, Dec 4 (Bernama) -- Malaysia is on the right track to consistently reduce its deficit rate, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.
He highlighted that the fiscal deficit has been declining, from 6.4 per cent of gross domestic product (GDP) in 2021 to 5.5 per cent in 2022 and five per cent in 2023.
The 2024 deficit is projected to continue this downward trend reaching 4.3 per cent and is targeted to reach 3.8 per cent in 2025.
"It seems we are on the right track, as we project a drop below 3.8 per cent next year. God willing, we will be able to manage it better," he said during a question-and-answer session in the Dewan Negara today.
Amir Hamzah was responding to a supplementary question from Senator Hussin Ismail, who asked about the national debt.
He explained that, in line with the reduced deficit, the government's new debt has decreased from RM99.4 billion in 2022 to RM92.6 billion in 2023 and is estimated to fall further to RM84.7 billion in 2024, with a target of around RM80 billion by 2025.
The government aims to reduce the deficit in accordance with the Public Finance and Fiscal Responsibility Act 2023 (Act 850), which sets a target fiscal deficit of three per cent between 2026 and 2028.
-- BERNAMA
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