Anwar says Fitch’s ‘BBB+’ rating affirms Malaysia’s economic progress Posted on 17/12/2024 KUALA LUMPUR, Dec 17 — Fitch Ratings’ latest affirmation on Malaysia’s sovereign credit rating underscores its economic progress as envisioned under the MADANI Economy framework, said Prime Minister Datuk Seri Anwar Ibrahim. “This is in particular to the MADANI government’s commitment to implement significant legislative and institutional reforms that have resulted in better policy clarity and effective economic management,” he said in a statement today. Anwar, who is also the Finance Minister, said Fitch has acknowledged that policy certainty has improved as a result of a more stable government. This has been further demonstrated by the introduction of various economic reforms, including the strengthening of state-owned enterprise governance and legislation, including the Public Finance and Fiscal Responsibility Act 2023. This is in line with the International Monetary Fund’s views on the government’s timely reform agenda in enhancing productivity and inclusive growth, he said. Yesterday, the rating agency affirmed Malaysia’s long-term foreign-currency Issuer Default Rating (IDR) at ‘BBB+’ with a stable outlook. The Ministry of Finance (MoF) said key rating drivers which support the reaffirmation are, namely, broad-based and strong growth momentum; strengthened political stability; continuous current account surplus with strong foreign direct investments; and the narrowing fiscal deficit. On economic expansion, MoF said the government is confident about achieving robust growth in 2024, revised upwards to between 4.8 per cent and 5.3 per cent, from the initial 4.0 per cent to 5.0 per cent estimate. “The government is committed to fiscal consolidation, by gradually reducing the fiscal deficit, estimated at 4.3 per cent of the gross domestic product (GDP) in 2024 to 3.8 per cent in 2025,” the statement said. MoF said Budget 2025 was formulated to support economic growth momentum, projected at between 4.5 per cent and 5.5 per cent. The government will continue to enhance fiscal management under Budget 2025, via broadening revenue measures, using resources optimally, and pursue subsidy rationalisation, particularly of RON95. Institutional and structural reforms will also be prioritised in line with the MADANI Economy framework, to transform the economy, move up the value chain, promote high-skilled and high-income job creation, as well as enhance national productivity and competitiveness, the ministry added. — Bernama News
Muhyiddin says party must do more to grow grassroots support Posted on 01/12/2024 SHAH ALAM, Dec 1 — Parti Pribumi Bersatu president Tan Sri Muhyiddin Yassin today said party’s inadequate machinery was at fault for its recent by-election losses. He said the party did not have a presence in every polling district, making it more difficult to campaign. “When the leaders above give… Read More
As DBKL signboard row festers, Dr Zaliha insists crackdown was colour-blind Posted on 01/12/2024 KUALA LUMPUR, Nov 30 — Federal Territories Minister Dr Zaliha Mustafa has defended City Hall’s (DBKL) recent enforcement of business signboard regulations, which has come under suspicion of racial bias. She insisted the action was consistent with Advertisement (Federal Territories) By-Laws, the Local Government Act, and the Dewan Bahasa dan… Read More
Sungai Golok, Tak Bai-Pengkalan Kubor and Buketa-Bukit Bunga are the only three official border crossings from Kelantan to Thailand, warns Thai commander Posted on 22/12/2024 KUALA LUMPUR, Dec 22 — Thai authorities have allowed Malaysian tourists to use only three official border crossings to enter Thailand. Lieutenant General Paisan Nusang, Commander of Thailand’s Fourth Army Division, stated that these crossings are in Sungai Golok, which borders Rantau Panjang, Tak Bai with Pengkalan Kubor, and Buketa… Read More