National debt will reach RM1.2 trillion in 2023
KUALA LUMPUR - The government chose to present real facts in Budget 2023 without clouding the people's minds with dazzling data.
Prime Minister Datuk Seri Anwar Ibrahim said the budget known as Budget Madani mirrored the principles of accountability and a noble value system to face current challenges including facing economy uncertainty.
"The government has inherited an excessive debt burden, the national debt will reach RM1.2 trillion or more than 60 per cent of the gross domestic product (GDP) for 2023.
"If our debt and liabilities reach RM1.5 trillion or 81 per cent of GDP, debt service payments alone would reach RM46 billion or 16 per cent of the revenue which is above the maximum limit of 15 per cent practiced currently.
"I emphasise this RM46 billion was only for the interest rate or loan interest, not to resolve bad debt or principal debts," the finance minister said while tabling Budget 2023 in Dewan Rakyat on Friday.
