Prime Minister Datuk Seri Najib Tun Razak said that the government simply cannot take a populist approach in running the country, but instead must be responsible in ensuring a solid financial and economic foundation for the nation.
Keeping in mind the interest of the people and the future generation, Najib added that the government’s ability in managing the national debt and economy was unquestionable as international rating agencies placed Malaysia in the top rankings.
Responding to a question by Tan Sri Dr Leo Michael Toyad Abdullah (BN-Mukah) in Parliament, Najib said that Malaysia’s position in the top rankings is a position not many oil-reliant economies are in at this juncture.
The International Monetary Fund (IMF) stated in a statement that the Federal Government deficit was reduced from 3.4% of the Gross Domestic Product in 2014 to 3% in 2017.
The IMF said this was helping to bring down debts and deficit reduction was achieved mainly through expenditure cuts, in addition to the introduction of the Goods and Services Tax in 2015.
Moody’s (credit rating agency) also released a statement, saying Malaysia would get more benefits from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.