Responding to critics who have questioned the country’s debt, Tengku Zafrul said other loan instruments had statutory limits, namely RM35 billion for foreign loans and RM10 billion for debts under the Malaysian Treasury Bills, adding that both instruments were still below the statutory limit.

“When some refer to the total national debt reaching 62% by the end of 2020, it was actually a summary of all debts, however, each component has its own limit, which was never exceeded,” said Zafrul in a Facebook post.

Earlier, former prime minister Najib Razak urged the government to table a motion in Parliament to raise the country’s debt ceiling.

He argued that the 60% debt-to-GDP limit had been breached because the present administration did not include foreign, short term and bank borrowings in its debt calculation which, if included, would mean the government’s total debt stood at 62.2% of GDP.

Zafrul said that in an economic crisis, there would be a greater need to spend in the interest of the public, resulting in an increase in national debt.

“We have made helping the people a priority by injecting RM340 billion into the economy through a series of stimulus packages without exceeding any statutory limits,” he said.

Zafrul also referred to the country’s legacy of debt, adding that debts left by the previous administrations were still being managed.

However, he said this was not an excuse as the government would continue to prioritise using the 6R strategy. The six Rs are resolve, resilience, restart, recovery, revitalise and reform.

“To the public, do not despair. PEMERKASA, an initiative under the 6R strategy, will equip you with greater readiness when this pandemic ends.”