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Malaysia able to pay off external debts, says minister

Datuk Seri Mustapa Mohamed says Malaysia has an excellent record for never failing to pay its debt. — Picture by Choo Choy May
Datuk Seri Mustapa Mohamed says Malaysia has an excellent record for never failing to pay its debt. — Picture by Choo Choy May

KUALA LUMPUR, Dec 1 ― Malaysia has a strong economy to pay off all the external debts and the nation’s sovereignty cannot be compromised, said Minister of International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.

“Malaysia is a great country with high growth rates. It is successful in managing the economy well and has an excellent record for never failing to pay its debt.

“Yes, we have debts (with foreign countries) but we are able to pay them. We cannot compare Malaysia with other countries which have compromised their sovereignty with the entry of too much foreign investments,” he said.

Mustapa said this at the forum on “Foreign Investment and Sovereignty” forum at the Persidangan Kepimpinan Mahasiswa Nasional (Pemanas) here today.

He was commenting on China’s massive investments in other countries, including Malaysia, adding that Sudan, Sri Lanka and Cambodia faced problems repaying debt to the world's second-largest economy.

In 2016, Singapore was the largest foreign investor in Malaysia with a total of RM115.7 billion, followed by Japan (RM70 billion), Hong Kong (RM47.4 billion), Netherlands (RM41.5 billion), United States (RM36.8 billion ), Switzerland (RM27 billion), Germany (RM23.5 billion), Virgin Islands (RM21 billion), United Kingdom (RM20.2 billion) and China (RM15.5 billion).

Mustapa said foreign investment played a big role and has helped Malaysia progress especially in states such as Penang, Selangor, Johor, Sarawak and Melaka. ― Bernama

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