THE increase in national debt by 10.2% from 2021 to 2022 is not something to be worried about, assured Auditor-General Datuk Wan Suraya Wan Mohd Radzi.
, adding that the country’s financial statements are stable and that they are in fact much better than last year.
“So yes, debt has increased but at the same time, our revenue and financial performance have also increased, as well as our gross domestic product (GDP),” she was quoted as saying by Malaysiakini in a news conference at Parliament today (Oct 10).
“And that is why we gave a Certificates Without Reprimand with Other Matter which is a higher rank than the last two years.
“Debt is unavoidable because we need more money for programmes, and it also allows us to utilise the loans and repayment. All in all, it’s better than last year and it’s stable.”
Wan Suraya said the total revenue of the federal government in 2022 was at RM294.357 bil which is a 25.9% increase compared to 2021’s RM233.752 bil.
The federal government’s deficit in 2022 was recorded at RM99.482 bil or 5.6% of GDP.
Wan Suraya, who is also the CEO of the Malaysian Institute of Integrity (IIM) added that the accounting records of the federal government’s financial statements were adequately maintained and updated.
“The “road to recovery” from the COVID-19 pandemic was due to an increase in funds for development – both physical and non-physical.
“That is what we envisage and what the Auditor-General’s Department is continuing to push to ensure there is more money and more allocation for development, while at the same time managing debt,” she added.
Among the sectors she pointed out was the oil and gas industry of which PETRONAS had paid an RM50 bil dividend in 2022 compared to RM25 bil in 2021.
The Auditor-General’s Report was presented in Parliament today after receiving approval from the Yang di-Pertuan Agong on Sept 26.
It includes 15 reports involving two at the federal level, especially the federal government’s Financial Statements 2022 and the Financial Statements and Compliance Auditing of Federal Agencies 2021.
The national debt grew from RM979.814 bil in 2021 to RM1.079 tril last year, according to the Auditor-General’s Report 2022.
Its total liabilities were positioned at RM1.399 tril, increased by RM94.116 bil or 7.2% in 2022 compared to RM1.305 tril in 2021.
Meanwhile, the Federal Liability ratio to GDP in 2022 dropped to 78.1% from 84.3% in 2021. – Oct 10, 2023
Main pic credit: The Star
