Budget 2024 reaffirms government’s commitment to gradual fiscal consolidation, it notes.
Malaysia’s public indebtedness has been higher than the single-A median which is closer to 40% of the GDP, says Maybank IB.
The investment bank said currently both S&P and Moody’s rate Malaysia at A-/A3, while Fitch Ratings assigns one notch lower at BBB+. “We think Budget 2024 reaffirms the government’s commitment to fiscal consolidation at a gradual pace targeting additional reduction in the deficit-to-gross domestic product ratio,” it said in a research note.
“Unless one or more of the rating agencies decide to upgrade the institutional strength of Malaysia which can be very subjective, or tangible progress is made toward achieving some of the targets set under the Madani Economy framework on, for instance, competitiveness, growth and governance.
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