News & Articles Treasury denies Malaysia going bankrupt
Treasury denies Malaysia going bankrupt
7 Sep 2015
Claims by certain quarters that Malaysia would be bankrupt following the ringgit slump and drop in oil price was wrong, said Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah yesterday.
He said the country’s economy was still growing and strong at the rate of more than 5% and new approaches would be undertaken to ensure continued prudent spending by the government.
Besides Malaysia, Mohd Irwan said many countries dependent on a commodity-based economy – such as Australia, Russia and Brazil – were experiencing a worse decline in the value of their currencies due to the drop in the world oil price and strengthening of the US dollar.
Currently, our economy is still growing and stronger compared to that during the 1997/1998 financial crisis where it was negative.
“At the moment, we are still able to pay the salary our civil servants. If the country is bankrupt, we will not be able to pay,” he said in his keynote speech at the recording of TV Alhijrah’s special talk programme, Tea Time with the managing director of Shell Malaysia, Azman
Ismail.
Mohd Irwan said the setting up of the Special Economic Committee chaired by Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar, recently was part of the government’s efforts to overcome the current economic challenges.
He said Prime Minister Datuk Seri Najib Razak would announce soon the measures that needed be undertaken based on the proposals of the committee, besides the 2016 Budget on Oct 23.
“These are among the government’s plans, not all are pretty as each country has weaknesses but we try to increase the good things so that the country’s economy remains strong.”
He said the country’s economy was still growing and strong at the rate of more than 5% and new approaches would be undertaken to ensure continued prudent spending by the government.
Besides Malaysia, Mohd Irwan said many countries dependent on a commodity-based economy – such as Australia, Russia and Brazil – were experiencing a worse decline in the value of their currencies due to the drop in the world oil price and strengthening of the US dollar.
Currently, our economy is still growing and stronger compared to that during the 1997/1998 financial crisis where it was negative.
“At the moment, we are still able to pay the salary our civil servants. If the country is bankrupt, we will not be able to pay,” he said in his keynote speech at the recording of TV Alhijrah’s special talk programme, Tea Time with the managing director of Shell Malaysia, Azman
Ismail.
Mohd Irwan said the setting up of the Special Economic Committee chaired by Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar, recently was part of the government’s efforts to overcome the current economic challenges.
He said Prime Minister Datuk Seri Najib Razak would announce soon the measures that needed be undertaken based on the proposals of the committee, besides the 2016 Budget on Oct 23.
“These are among the government’s plans, not all are pretty as each country has weaknesses but we try to increase the good things so that the country’s economy remains strong.”
Source: The Rakyat Post