Gov't's management of economy based on reality, prudence: PM


PUTRAJAYA: Decisions made by the government in managing the country's economy are made based on reality, Prime Minister Datuk Seri Najib Razak said today.

Najib, who is also Finance Minister, said the government is not a compulsive spender and its expenditure is being made prudently.

“We cannot make decisions (according to what have been suggested by) the Opposition, which are not based on reality. They only make promises to get (political) support.

“We have to decide wisely, because if we make the wrong decision, it will affect the economy and rakyat.

“When it comes to financial management, the government has to think not only for the short-term but also the long-term,” he said at the ministry's Excellent Service Award ceremony here, today.

Najib said Malaysia is on the right path towards a balanced budget.

“Malaysia is on the right track, despite the uncertainty and unpredictability of the global economy.

“We will ensure that we can maintain the country's debt at below 55 per cent (of GDP).

“Besides prudent spending, one of the measures (we have taken) includes introducing the Goods and Services tax (GST). Many have said that the GST would be unpopular, but we still implemented it, and it has proven to be the right decision,” he said.

He also reiterated the government's commitment to making Malaysia a top 20 country by 2050.

As inspiration, Najib also shared factors that led to Alibaba founder Jack Ma's success, which included insisting on big results and being super-efficient.

The prime minister urged the ministry's staff to ponder on these two elements of success.

Following his speech, Najib presented the awards to 81 recipients.

Also present was Treasury secretary-general, Tan Sri Dr Mohd Irwan Serigar Abdullah.