A lot of Malaysians are struggling, financial-wise, during the COVID-19 pandemic.
And the same can be said with our country.
Malaysia's debt and liabilities currently stand at RM1.2 trillion, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has revealed.
According to Malay Mail
, the figure was revealed during a Parliament session on Thursday (6 August).
The figure was first announced during the Pakatan Harapan (PH) administration, and now, Tengku Zafrul has affirmed that the figure is correct.
He added that the RM1.2 trillion figure is separated into debts and liabilities, with the debt total being RM854 billion.
The Minister detailed that the federal debt stood at RM823.8 billion in the first quarter of this year, with government-guaranteed projects and other liabilities amounting to RM166 billion.
Despite the worrying figures, Tengku Zafrul clarified that Malaysia is not "bankrupt" because the country has been paying their debts.
“When you say a government is bankrupt, it is based on its ability to repay its debts on time.
“We have been paying all our debts on time,” he was quoted by the news portal as saying.
That's good to know. Let's hope our economy goes back to normal and we won't be in so much debt any longer.