Published on: Wednesday, December 16, 2020
By: Bernama
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Kuala Lumpur: Fitch Ratings’ downgrade for Malaysia’s credit rating from A- to BBB+ will not stifle efforts towards economic recovery in 2021, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz
(pic).
“The Budget 2021 initiatives will continue the recovery momentum and are expected to contribute to the gross domestic product (GDP) growth target of between 6.5 per cent to 7.5 per cent next year.
“Many have often said this projection is too optimistic. However, Fitch itself has projected the local economy to grow 6.7 per cent, in line with Malaysia’s own projection.
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“Other institutions such as the IMF (International Monetary Fund) have forecast a growth of up to 7.8 per cent, which is higher than the government’s projection.
Wednesday, 16 Dec 2020 03:58 PM MYT
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz during press conference on Budget 2021 at Wisma Bernama, November 14, 2020. Bernama pic
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KUALA LUMPUR, Dec 16 The federal government’s debt to gross domestic product (GDP) ratio as at end November 2020 was RM818.2 billion or 56.8 per cent, said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.
According to him, the national debt-GDP ratio had been set at 60 per cent.
“The government’s debt status is statutory-based under the Temporary Measures Act for Government Financing (Coronavirus Disease 2019 (Covid-19)) Act 830 encompassing the Malaysian Government Securities (MGS), Malaysian Government Investment Issues (MGII) and Malaysian Islamic Treasury Bills (MITB).
Published on: Wednesday, December 16, 2020
By: Bernama
Text Size:
Kuala Lumpur: Fitch Ratings’ downgrade for Malaysia’s credit rating from A- to BBB+ will not stifle efforts towards economic recovery in 2021, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz
(pic).
“The Budget 2021 initiatives will continue the recovery momentum and are expected to contribute to the gross domestic product (GDP) growth target of between 6.5 per cent to 7.5 per cent next year.
“Many have often said this projection is too optimistic. However, Fitch itself has projected the local economy to grow 6.7 per cent, in line with Malaysia’s own projection.
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“Other institutions such as the IMF (International Monetary Fund) have forecast a growth of up to 7.8 per cent, which is higher than the government’s projection.
Stating the facts: Zafrul replying to questions in Parliament. Bernama
DESPITE the recent Fitch Ratings downgrade of Malaysia’s sovereign rating, there was no volatility in the country’s stock market, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
“Since the announcement, there has been no knee-jerk reaction from the market.
“In this respect, the FBM KLCI and ringgit remained stable and we recorded a high bid to cover ratio demand of 2.6 times above the value of government MGII (Malaysian Government Investment Issues) 10-year bonds offered last week, ” said the Finance Minister when replying to a question by Lim Guan Eng (PH-Bagan) yesterday.
Fitch’s downgrade won’t stifle efforts to revive economy in 2021 Tengku Zafrul 15 Dec 2020 / 12:35 H. Once the economy recovers, efforts to strengthen the country’s economy will continue said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. Reuters
KUALA LUMPUR: Fitch Ratings’ downgrade for Malaysia’s credit rating from A- to BBB+ will not stifle efforts towards economic recovery in 2021, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
“The Budget 2021 initiatives will continue the recovery momentum and are expected to contribute to the gross domestic product (GDP) growth target of between 6.5 percent to 7.5 percent next year.
“Many have often said this projection is too optimistic. However, Fitch itself has projected the local economy to grow 6.7 percent, in line with Malaysia’s own projection.