Country?s debt at ?comfortable level?, says UDA boss

Nur Jazlan said ?there?s no country in the world that tables a budget surplus?. ? File pic

JOHOR BARU, Sept 30 ? The people should not be concerned over the national debt as it is still at the low level compared with European countries, the United States and developing countries, according to UDA Holdings Bhd chairman Datuk Nur Jazlan Mohamed

The Pulai MP said the country?s debt at 53.7 per cent of gross domestic product (GDP) is still at the comfortable level.

?The debt rate (at 53.7 per cent) is manageable by the government and is considered to be low compared with European countries and the US.

?Compared with developing countries, (the debt) also still at lower and comfortable level. As long as we can pay our immediate interest requirement, we are still safe,? he said here today.

Nur Jazlan, who is also a chartered accountant, urged the rakyat not to be influenced by the opposition who claimed that the country?s debt was high.

He said the country also does not have any problem in tabling a budget deficit, considering the various sources of wealth that can be utilised to accommodate the deficit.

?There?s no country in the world that tables a budget surplus... they all propose budget deficit and loans, the only difference is that Malaysia has room to implement a budget deficit as we have various sources of wealth to accommodate the deficit,? he said.

Malaysia can depend on revenue from commodities and oil as well as assets that can be liquidated to accommodate the deficit.

Budget 2013 announced by Prime Minister Datuk Seri Najib Razak last Friday targeted to reduce the budget deficit to four per cent next year compared with 4.5 per cent this year.

Apart from that, Nur Jazlan said the country still has ample room to improve its taxation system to enable it to increase revenue from tax collection.

He said it was wrong to introduce an ?austerity budget? now as it would give an impact to investor?s confidence as well as the country?s economy.

?A Budget that shrinks the country?s economy will give negative impact to the economic performance and damage the rakyat,? said Nur Jazlan.

He also lauded the government?s move to allocate a huge fund to ensure the young generation living in big towns nationwide are capable of owning their own houses. ? Bernama

Source: http://feedproxy.google.com/~r/tmi/news/allnews/~3/rB4myhco9sI/story01.htm

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