Treasury secretary-general Datuk Johan Mahmood Merican said the country's fiscal consolidation efforts are bearing fruit, with the budget deficit narrowing from 5.5% of GDP in 2022 to 4.1% last year and further targeted to reach 3.8% in 2025.
A corner of Kuala Lumpur (Photo: thecrazytourist.com)
Kuala Lumpur (VNA) -♔ Malaysia is on track to reduce its debt-to-GDP ratio to 60% over the medium term, backed by disciplined fiscal management and lower annual borrowings, the New Straits Times reported.
Treasury secretary-general Datuk Johan Mahmood Merican said the country's fiscal consolidation efforts are bearing fruit, with the budget deficit narrowing from 5.5% of GDP in 2022 to 4.1% last year and further targeted to reach 3.8% in 2025.
Concurrently, annual new borrowings have declined significantly, from 99 billion MYR (nearly 23.5 billion USD) in 2022 to 77 billion MYR in 2024, reflecting the government's commitment to long-term fiscal sustainability.
The level of new debt is being lowered each year, he said, stating it is consistent with the government’s target to reduce the national debt level to 60% of GDP.
So far, the government has been on track and what has been implemented is aligned with what was targeted under the fiscal responsibility legislation.
Prime Minister Anwar Ibrahim said the decline in new debt aligns with the government's efforts to narrow the fiscal deficit, adding that the administration remains committed to reducing the deficit gradually and responsibly, without disrupting national development.
Anwar, who also serves as finance minister, said the government has deliberately taken a phased approach to ensure that deficit reduction does not compromise development priorities or undermine investor confidence.
Johan said the government's expansion of the Sales and Services Tax (SST) was part of a progressive and targeted tax approach, one designed to avoid overburdening the rakyat and support sustainable growth./.
Malaysia identifies artificial intelligence (AI) as a key strategic driver to turn Kuala Lumpur into its leading smart city, towards a livable, sustainable urban model and enhancing its competitiveness in ASEAN
According to Dr. Goh Lim Thye, a lecturer at the Faculty of Economics, University of Malaya, Malaysia’s public debt stood at 1.22 trillion MYR (290 billion USD) as of April 2024, equivalent to 63% of its Gross Domestic Product (GDP). However, this level is not inherently risky.
The Malaysian government is undertaking a structured assessment to examine the role of nuclear power as a potential option for clean, stable, and competitive electricity within Malaysia’s future energy mix.
It aims to identify and honour digital technology initiatives, products, and solutions with practical applications; promote creativity in technology development; anticipate trends and development potential in digital technology; and recognise the role of digital technology in economic growth and enhancing quality of life for citizens in ASEAN countries.
Addressing the ceremony, Indonesian Ambassador Simon D.I. Soekamo, the rotating Chair of the ASEAN Committee in Cuba, highlighted the bloc's spirit of friendship and solidarity, and reaffirmed ASEAN's core values of peace, stability, and prosperity through cooperation and dialogue.
Vietnam’s pavilion notably displayed traditional crafts from the centuries-old lacquerware village of Ha Thai and Chu Dau ceramics. The atmosphere was further enriched by delegations wearing their countries’ traditional costumes, including the elegant ao dai and the graceful ao tu than of Vietnamese women.
The handover ceremony was held at the Malaysian Embassy headquarters in Mexico City on August 8, with the presence of heads of diplomatic missions from ASEAN member states in Mexico.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
