PETALING JAYA: The reaffirmation of Malaysia’s sovereign credit ratings by S&P Global Ratings and Fitch Ratings, both with a “stable” outlook, highlights the government’s responsible economic management and the success of the Madani economic reform agenda, says Prime Minister Anwar Ibrahim.
Anwar, who is also the finance minister, said this after S&P Global and Fitch Ratings maintained the country’s sovereign credit rating at A- and BBB+, respectively.
He said the continuous reforms to enhance business competitiveness and progress include the New Industrial Master Plan 2030, the National Energy Transition Roadmap, and the mid-term review of the 12th Malaysia Plan.
Anwar also expressed confidence in achieving this year’s gross domestic product target of 4% to 5%, driven by a strong labour market and trade performance.
“Moving forward, the government is firmly committed to ensuring public finance sustainability by adhering to a consistent fiscal consolidation trajectory,” he added in a statement by the finance ministry.
Yesterday, S&P affirmed Malaysia’s sovereign ratings at A- and a “stable” outlook, citing steady growth and potential modest fiscal improvements.
S&P is also projecting Malaysia’s economic growth to recover to 4.3% this year through higher exports and robust private sector investments. That compares to the official projection of 4%-5% growth this year.
Fitch Ratings today affirmed Malaysia’s sovereign rating at BBB+ with a ‘stable’ outlook, citing strong medium-term growth prospects, but flagged high public debt, low government revenue, and near-term political challenges.
