statutory debt

There is currently no need to increase the national statutory debt ceiling to more than 65 pct of the GDP, said Deputy Finance Minister, Datuk Seri Ahmad Maslan.

The government debt level trajectory is forecast to remain within the statutory debt limit in the medium term.

The government will be tabling a motion on raising its statutory debt limit from 60 per cent to 65 per cent of GDP.

This is to fund the raise in the ceiling cap for the COVID-19 Fund from RM65 billion to RM110 billion.

Tengku Zafrul said the proposal will be implemented immediately after being approved by Parliament.

Increasing the statutory debt limit is the need of the hour for Malaysia as the global battle against COVID-19 continues with the government seeking extra fiscal room.

The debt-to-GDP ratio would probably increase to above 60 per cent by year-end.

The government has revised the deficit target to six per cent from 5.4 per cent of Gross Domestic Product (GDP) for 2021, having factored in continuing measures from 2020 economic stimulus packages.

The government has never used the Emergency Ordinance to raise revenue or increase spending beyond the statutory debt ceiling approved by Parliament in August 2020.

At the end of February 2021, the total debt was 54 per cent of GDP and is expected to reach 58.5 per cent in 2021.

Tengku Zafrul said that all Federal government debts have been clarified with, and accepted by international ratings agencies and analysts.

The government also expects to see the country's statutory debt at 58.5 pct of gross domestic product this year.

The government remains committed to maintaining the fiscal deficit target at 5.4 per cent of the GDP.

Datuk Seri Najib Tun Razak has urged the government to raise the statutory debt limit from 55 per cent of the gross domestic product (GDP)

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