Government to table motion on raising statutory debt limit to 65% of GDP

KUALA LUMPUR, Sept 30 (Bernama) -- The government will be tabling a motion on raising its statutory debt limit from 60% to 65% of Gross Domestic Product (GDP) given the need for spending flexibility during this unprecedented pandemic crisis, the Ministry of Finance said following the second Fiscal Policy Committee meeting today.

It said the government remains committed to fiscal consolidation in the medium term as outlined in the 12 Malaysia Plan, with a deficit target of 3.5% of GDP by 2025.