Malaysia’s Prime Minister Mahathir Mohamad has announced that his administration is taking various approaches to reduce the national debt from 1 trillion RM (251.2 billion USD) to 800 billion RM.
Malaysia’s Prime Minister Mahathir Mohamad (Source: thestar)
Kuala Lumpur (VNA) – Malaysia’s Prime Minister Mahathir Mohamad hasannounced that his administration is taking various approaches to reduce thenational debt from 1 trillion RM (251.2 billion USD) to 800 billion RM,including dissolution of some agencies, the News Straits Times reported on May27.
Mahathir said that one of the first measures is to cut downgovernment spending. Specifically, the Government will reduce several employeeswho are recruited to serve political parties, not the government.
The same applies to several agencies which are not managedby the government but use government funds, he added.
The leader also pointed to several reasons leading to thehigh debt.
According to him, there are companies wholly owned by thegovernment but not subject to government laws and regulations. These borrowedlarge amounts that were then lost or stolen.-VNA
Malaysia’s new Prime Minister Mahathir Mohamad has announced that salaries of cabinet ministers will be cut in a bid to control spending as the government is facing a high-level public debt that now exceeds 1 trillion ringgit (around 251.5 billion USD).
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Malaysia’s Prime Minister Mahathir Mohamad (Source: thestar) 
