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Strict fiscal discipline to tackle govt debts - Finance Minister



LUALA LUMPUR, -- Strict compliance with fiscal discipline as well as better debt management will continue to be given emphasis to tackle the federal debt of over RM1 trillion, said Finance Minister Lim Guan Eng.
He said good debt management would be maintained to ensure the fiscal position and macroeconomy remained strong for managing any crisis.
“Fiscal accountability will reassure investors and the capital market that the government still has flexibility in fiscal and monetary policies,” he explained.
He was responding to an oral question from Selayang Member of Parliament (MP) William Leong Jee Keen in the Dewan Rakyat regarding measures planned to tackle the nation's debt and liabilities.
Bernama report, Lim said several measures were being implemented to ensure the Federal debt level was kept under control and sorted out.
Among others, the government is reviewing existing projects that are costly, whereby the total costs are being studied to avoid being charged excessively.
Mega-infrastructure projects such as Kuala Lumpur-Singapore High-Speed Rail, Mass Rapid Transit and East Coast Rail Link were also being reviewed by analysing their cost structure, necessity and priorities to ensure the government's ability to fund them as well as service the loans taken, he said.
The government, Lim noted, also provided annual allocations under its management expenditure to ensure the principal and interest were serviced according to the stipulated repayment period, loans were partly refinanced at lower rates, and economic growth remained strong to boost the government's income. 
Meanwhile, Kepala Batas MP Datuk Seri Reezal Merican Naina Merican, in a supplemental question, sought explanation on the rise in direct government debt from RM687 billion to RM702 billion.
Lim attributed the increase to the Malaysian Government Securities (MGS) issuance between May and July this year which involved an additional RM22 billion, of which RM8 billion was for redemption or debt roll-over while RM14 billion was for financing purposes.
Lim said this increase resulted from the contingent liabilities under the former government turning into direct debt.
 He also stressed that the MGS issuance was not used to finance the new government such as to cover revenue shortfall following the removal of the Goods and Services Tax.
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