Burden up by RM600b annually in past three years due to subsidies, grants and spending more than revenue. theSun theSundaily economy finance debt Malaysia
The government spends about RM45 billion a year to repay borrowings, which could have been put to better use, said Universiti Tun Abdul Razak economist Dr Barjoyai Bardai.
“The nation’s debt had gone up by RM600 billion over the last three years. The previous government had used the money for subsidies and grants.” The government needs to reduce the levels of subsidies but this cannot be done immediately as it will cause higher inflation, Barjoyai said, adding that the government is now in a“It is important for the government to find other sources of revenue. For example, the removal of electricity subsidies for the T20 will likely cause the price of some goods to go up.
In 2021, household debt stood at about RM1.17 trillion, which is higher than the federal government’s debt then. “If the government continues to go on a spending spree, the country could end up in serious trouble. It could get harder for the government to borrow. Even if it was able to borrow, it would be at a high interest rate.
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