Malaysia able to raise funds in time of need - economist

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Malaysia will nearly double its fiscal deficit this year, predominantly to fund "Covid-19 themed" stimulus packages - the RM260 billion Prihatin Rakyat Economic Stimulus Package (Prihatin) and RM35 billion National Economic Recovery Plan (Penjana) - as the government is able and has the flexibility to raise funds, and there are always takers for the debt papers, said an economist. Bank Islam chief economist Mohd Afzanizam Abdul Rashid (above) said the government has the means to do it (double its fiscal deficit to fund stimulus packages). “If we look at the debt composition, they are mostly in ringgit, about 96 percent, and we have big institutions such as the Employees Provident Fund (EPF), Social Security Organisation (Socso), insurance companies, banks and asset managers who would place their money in the risk-free instrument for liquidity purposes as well as for ca…