Malaysia's national debt totalling 346 billion USD (Photo source: nst.com.my)

Kuala Lumpur – Malaysia's national debt including liabilities has reached 1.5 trillion RM (346 billion USD), equivalent to over 80 per cent of the country's gross domestic product (GDP), according to Malaysian Prime Minister Anwar Ibrahim.

Addressing at a dialogue session on budget on January 17 morning, Anwar said the figure suggests that Malaysia's budget deficit will widen further than the earlier estimate of 5.8 per cent of the GDP for 2022.

The issue should be addressed urgently, he stressed.

Economic uncertainties are still not easing, he said, noting that the economy is still considered dim and this was also contributed by external factors including the Ukraine-Russia conflict as well as global recovery post-COVID-19.

The new 2023 Budget is expected to be tabled in the Parliament on February 24 on the basis of the draft law introduced by the previous government.

Previously, on October 7, 2022, former Finance Minister Zafrul Aziz proposed the 2023 Budget with a record total of 373.3 billion RM.