Najib: Malaysia not going bankrupt

KUALA LUMPUR: Datuk Seri Najib Tun Razak has reiterated that Malaysia would not go bankrupt as it had managed to reduce its debt to 50.4% against the self-imposed ceiling of 55% and had garnered higher foreign reserves, while works on infrastructure projects are in full swing.

The Prime Minister said the government had made bold decisions such as implementing the Economic Transformation Programme to boost the economy, creating 2.26 million jobs and raising income to between 5.0% and 6.0% per year.  "We have a self-imposed limit of 55% of GDP (gross domestic product), we have reduced it to 50.4%.

Datuk Seri Najib Tun Razak delivers his speech during the Budget 2018 with the Rakyat programme at Pusat Perubatan Universiti Kebangsaan Malaysia on Thursday. -Bernamapic

"During the Asian Financial Crisis, our reserves were down to US$20bil, we didn't go bankrupt then. Now, our reserves are about US$124bil. Can you say we're bankrupt?" he said at the Budget 2018 with the Rakyat programme here on Thursday.

Najib, who is also the Finance Minister, said Malaysia's economic growth of 5.9% in 2017 was among the highest in the world, while its inflation and unemployment rates were low.

"That is the big picture. Our achievements have received very good reviews from international organisations such as the World Trade Organisation who commended Malaysia as our economy is moving in the right direction and our policies are showing positive results, including some measures that we have taken," he said. - Bernama