KL to unveil plans to tackle debt, fend off downturn

Prime Minister Mahathir Mohamad, who will unveil a midterm review of the 11th five-year Malaysia Plan next Thursday, has said that new tax measures will be part of Budget 2019
Prime Minister Mahathir Mohamad, who will unveil a midterm review of the 11th five-year Malaysia Plan next Thursday, has said that new tax measures will be part of Budget 2019. PHOTO: BLOOMBERG

Belt-tightening measures expected amid fears that cuts will further dampen outlook

Malaysia's five-month-old Pakatan Harapan administration is caught between reining in the runaway spending it inherited from the previous government and fending off an impending economic downturn as it prepares to deliver key economic plans in the coming weeks.

Prime Minister Mahathir Mohamad will unveil a midterm review next Thursday of the 11th five-year Malaysia Plan (11MP) launched by his predecessor Najib Razak in 2015, while Finance Minister Lim Guan Eng has the unenviable task of tabling a "sacrificial" Budget 2019 on Nov 2.

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A version of this article appeared in the print edition of The Straits Times on October 13, 2018, with the headline 'KL to unveil plans to tackle debt, fend off downturn'. Print Edition | Subscribe