-- Malaysia’s government plans to reduce its budget deficit in 2024 through a combination of spending cuts, new taxes and reduced debt payments, as Prime Minister Anwar Ibrahim steps up efforts to convince investors that he’s serious about fiscal discipline.Anwar, who doubles as the finance minister, proposes to cut the government’s spending to 393.8 billion ringgit next year from a revised 397.1 billion ringgit in the current year, according to a Finance Ministry report.
Anwar’s government eventually aims to reduce fiscal deficit to 3.5% of GDP in the medium term, which will pave the way for the government to lower the debt to GDP ratio to 60%. Malaysia sees federal government debt at 64% of GDP by end-2024, with borrowings to be funded entirely onshore, according to the report.
On the ringgit, Malaysia said its good economic fundamentals, expectations of the US Federal Reserve reaching the end of its rate hiking cycle and China’s economic recovery may provide support for the local currency. The ringgit remains near the bottom of Asia’s leaderboard, and Malaysia said the currency would continue to be market-determined.
I was all set for my trip, or so I thought. That's when my friend told me to always keep a bread clip when traveling. The reason is quite clever. Brian Snyder/ReutersA former Deutsche Bank executive testified at Donald Trump’s civil fraud trial in New York on Wednesday that the bank had balked at extending him a line of credit to help in his unsuccessful bid to buy the Buffalo Bills, according to ABC News. Nicholas Haigh said that bank executives were unwilling to increase their “credit exposure” to the former president at the time, the network reported.
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