09:38 | 14/06/2016 Global Economy
Malaysian Prime Minister Najib Razak said the federal government debt is still under control and far smaller than that of other developed countries such as the US and Japan.
Malaysian Prime Minister Najib Razak - (Source: Reuters)
The PM, who is also Minister of Finance, has called on the people not to be swayed by claims by rumors that the country is riddled with huge debts.
Both the World Bank and the International Monetary Fund said Malaysia’s economy has been developing well, he said.
According to the country’s Finance Ministry, as of late 2015, the federal government dept, comprising domestic and foreign debt, was 630.5 billion RM (157 billion USD) which is equivalent to 54 percent of the Gross Domestic Product.
The government has pledged to take measures to control public debt so that it will not exceed 55 percent of GDP./.