Home / News / Malaysia raises money from citizens to pay off $251bn national debt

Malaysia raises money from citizens to pay off $251bn national debt

Malaysia’s new Prime Minister Mahathir Mohamad said Wednesday the government will set up a trust fund to let the public contribute to easing the country’s huge national debt.

Mahathir’s government last week revealed that the national debt and liabilities exceed $250.6 billion or 80% of Malaysia’s gross domestic product, after taking into account government guarantees and other payments.

It has blamed economic mismanagement and corruption under former scandal-tainted leader Najib Razak and the long-ruling coalition that was ousted by a surprise defeat in a May 9 national election.

“There are many Malaysians who were willing to donate to the government when they found out how bad our country’s financial situation is. We welcome their patriotic stand,” Mahathir said Wednesday.

The finance ministry said in a statement that the “Malaysia Hope Fund” will provide a systematic and transparent platform to manage all public donations.

Related Posts Plugin for WordPress, Blogger...

Have Something Interesting/Informative you want us to Post on Date360? Send to Date360tv@gmail.com


Follow us on Google Plus

Like our Page on Facebook

Follow us on Twitter

Follow us on Instagram

Join our BBM Channel

Comments

comments

Check Also

#Russia2018: Psychic pig who predicted Trump’s victory picks Nigeria, Argentina for semi-final

The psychic pig Mystic Marcus that predicted President Donald Trump’s victory, has picked Nigeria, Argentina …

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: