In view of the situation, he said he will hold discussions with Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus on measures to resolve the problem which needed urgent attention.

Ismail said he would also discuss the matter with law minister Wan Junaidi Tuanku Jaafar to look at reviewing the related legislation.

“I am concerned after looking at the latest statistics on bankruptcy among youths. I am also worried the number will rise further if this situation is not addressed.

“The government previously raised the threshold. And we also delayed legal action against bankrupts during the pandemic.

“Trust me, the future of youths is a priority agenda for us,” he said when officiating at the closing of Barisan Nasional Youth’s career fair at the World Trade Centre here today.

On May 23, it was reported by the media that 287,411 people in the country had been declared as bankrupts as of March, as they had failed to settle their loans. This involved those who were unemployed as well as those who were working.

According to Zarina Alias, the principal insolvency officer of the insolvency department, Selangor recorded the highest number of bankrupts, with 71,659, followed by Kuala Lumpur (45,630).