THERE is currently no need to increase the national statutory debt ceiling to more than 65% of the GDP, Deputy Finance Minister Ahmad Maslan said.

He said the government had already raised the statutory debt limit twice, from 55% to 60% of the GDP during the Covid crisis, and raised it again to 65% last year.

“The government’s debt is currently at RM1.5 trillion, including contingent liability, but the actual debt is at RM1.2 trillion, which is about 61% of the GDP,” he said to reporters after the signing ceremony of a memorandum of understanding (MOU) between the Malaysian Small Entrepreneurs Chamber of Commerce and Uniti Asia Group of Business in Kuala Lumpur today.

The MOU was signed in recognition of entrepreneurs who constantly strive to realise the goal of a borderless business world.

Ahmad said the collaboration also aims to enhance the image of micro, small and medium enterprises (MSMEs) through the pursuit of business opportunities in the Asian region and carrying out business activities as well as providing marketing information.

On another note, he said Budget 2023 will also look into the wellbeing of MSMEs and SMEs as they are the driving force for the nation’s economy.

“We will continue organising focus groups to get more views from associations, companies and relevant government agencies through a series of budget dialogues,” he said.

Ahmad added that from today until February 10, he will be chairing 18 budget dialogues covering various topics, including youth development, food security and inclusive rural development.

“Based on these dialogues, the officers from the budget department will summarise the views, which will be included in Budget 2023.

“As mentioned by Prime Minister Anwar Ibrahim, the highlights of the budget presentation presented by the previous finance minister will be partially included, but of course, there are new things, such as the Malaysia Madani concept,” he said. – Bernama, January 26, 2023.