Monday, 13 Jul 2020

Malaysia is willing to sold their lands to pay off their debt


Mahathir MohamadMahathir Mohamad - Malaysia will sell assets such as land and introduce new taxes to pay their debts. According to the Prime Minister, Mahathir Mohamad this was done to pay the state debt worth of MYR 1 trillion. "We may have to design a new tax to have money to pay our debts" he said, as quoted by Reuters on Tuesday, October 9th 2018.

"Another thing we can do is sell our assets. The land is one of them. More than that, we may have to sell some of our valuable assets to raise funds to pay off debts" he added.

He did not specify or describe what assets would later be sold. Mahathir blamed Najib Razak for making Malaysia have a large amount of debt including the 1Malaysia Development Berhad (1MDB) state fund which is the subject of investigations into corruption and money laundering in Malaysia.

The government is also looking for new sources of income to cover their debts that will be faced after disposing of goods and services tax. Last month, Malaysian Finance Minister Lim Guan Eng said that Malaysia would consider a combination of new debt issuance and asset expropriation to meet its short-term needs.

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