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THE government will likely reduce spending in the upcoming federal budget as concerns over a new wave of Covid-19 cases are expected to put further pressure on revenues already hurt by low crude oil prices.Putrajaya had rolled out stimulus packages worth RM305 billion since the start of the pandemic and had raised its debt-to-GDP ceiling to 60% for the first time in over a decade last August.Last year’s budget set aside RM297 billion for both operating and development expenditures, a drop of 5.6% compared to Budget 2019, due to expectations of a revenue shortfall by about 7%. ....
Govt advised to take threat of losing FDI seriously 16 Jul 2021 / 10:30 H. PETALING JAYA: It is a warning that Malaysia ignores at its own peril. This is the view shared by economist Tan Sri Ramon Navaratnam in response to indications by foreign investors that they may be forced to pull out of the country if the Covid-19 pandemic and lockdown persist. Ramon, who spoke with theSun yesterday, also wondered if these were all signs of a crumbling economy. “If FDI (foreign direct investments) are pulled out, it will be disastrous for our economy,” he said. “I am aware that many have already countered the narrative that Malaysia is a failed state. However, with such (possibility of investors pulling out) coming to light, I cannot help but worry about the future of our nation,” he added. ....
IIM Bangalore's Centre for Public Policy to host the third lecture in its Foundation Day Lecture Series on July 10 – India Education | Latest Education News | Global Educational News indiaeducationdiary.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiaeducationdiary.in Daily Mail and Mail on Sunday newspapers.
National debt nearing danger level Bernama PETALING JAYA: Malaysia’s debt problem, compounded by the 1Malaysia Development Bhd (1MDB) financial scandal, is close to reaching a dangerous level. The situation has been further aggravated by the economic fallout caused by the Covid-19 pandemic, and drastic measures must be taken to address the problem, according to economists. Such measures could include cutting back on capital expenditure and raising taxes or introducing new ones, they told theSun. According to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz (pix), Malaysia’s debt now stands at 58% of gross domestic product (GDP), just 2% shy of the 60% debt ceiling. ....
sunpix PETALING JAYA: Unity in Malaysia has reached its lowest ever point and analysts agree that the causes of such a significant decline are politics and the National Economic Policy (NEP). Universiti Teknologi Malaysia geostrategist Prof Dr Azmi Hassan said toxic politics has divided the people not only along racial lines but also in ideology. “These factors have not only torn the different races apart, but also caused splits among people within the same racial group. “For instance, Malays are no longer united because many have different political ideologies and belong to various political parties,” Azmi told theSun. He was commenting on a report that a secondary school in Johor had set conditions for co-curricular activities based on race. ....