Wednesday, September 3, 2008

Malaysia's 2009 budget seen to affect fiscal consolidation.

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Malaysia's 2009 budget seen to affect fiscal consolidation. According to the Business Times , Fitch Ratings analyst Ai Ling Ngiam stated recently that Malaysia's 2009 budget plan was disappointing since it was expansionary and would reverse four years of fiscal consolidation. The budget, which was announced last Friday, proposes to reduce personal income tax, increase pensions and increase spending on food security and rural infrastructure. Standard & Poor's (S&P) said that it would study the medium-term implications of the budget and said that if such budgets were repeated, fiscal consolidation would suffer. Rating agency Moody's said that while the fiscal slippage was sizeable, there was no immediate threat of a ratings downgrade.

Abigail Hofman:

Bank deleveraging has barely started

Malaysia's 2009 budget seen to affect fiscal consolidation.

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