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M'sia on track to cut budget deficit to 3.5 pct this year
by Cals Wed 18 Jun 2014, 03:18
| M'sia on track to cut budget deficit to 3.5 pct this year |
| Business & Markets 2014 |
| Written by Bernama |
| Tuesday, 17 June 2014 19:53 KUALA LUMPUR (June 17): Malaysia is on track to trim its fiscal deficit to 3.5 per cent this year, said Treasury Secretary-General, Tan Sri Mohd Irwan Serigar Abdullah. "If we achieve higher Gross Domestic Product (GDP) growth, the deficit would be reduced even further," he said on the sidelines of an inaugural townhall session regarding the second series of the 2013 Auditor-General's Report. Malaysia trimmed its fiscal deficit to 3.9 per cent of GDP last year. The country aims to further reduce the budget gap to three per cent in 2015, before achieving a balanced budget by 2020. According to Mohd Irwan Serigar, the country was also on track to hit a 4.5-5.5 per cent GDP growth this year. Private investments were showing a record double-digit growth, with sectors such as construction demonstrating robust momentum, he said. "Exports are also improving. We should perform better in GDP growth, if there are no major problems happening in the region," he said. Asked if the government planned to impose the Goods and Services Tax (GST) on fuel, he said that the Finance Ministry is still studying the issue and would come out with a list of goods, to show which were exempted from the GST. The ministry would beef up the enforcement and take stern actions against those retailers and speculators taking advantage of the GST, for profiteering purposes, he said. |
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