Moody’s Investors Service says the 2020 Budget pursues continued deficit reduction.
The ratings agency said despite weaker external demand as well as volatile commodity and financial markets, the government has maintained a credit-supportive fiscal consolidation path on its 2020 Budget as it targets a deficit of 3.2% of gross domestic product next year, wider than its original 3.0% goal.“Excluding one-off revenue and expenditure items from 2019, the 2020 Budget – the government’s second since it came to power in May 2019 – is based on a 4.
The ratings agency said this in its note titled “Government of Malaysia: Growth-focused budget pursues continued deficit reduction; government may narrowly miss targets amid weak demand”, released today. The revised revenue estimates for 2019 factored in a small rise in receipts from the sales and services tax while the Special Voluntary Disclosure Programme will also contribute to larger individual and corporate tax collections.
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