Accra:The country is on track to achieve its fiscal deficit target of 3.3% of GDP under Budget 2027, contingent upon the stability of global economic and geopolitical conditions, according to Tengku Datuk Seri Zafrul Abdul Aziz.

According to BERNAMA News Agency, Tengku Zafrul, who serves as the chairman of the Malaysian Investment Development Authority (MIDA) and is a senior political advisor to the Prime Minister, highlighted the nation's improved fiscal position over the past three years. He noted that the fiscal deficit was around 5.5% in 2022, signaling progress towards the 2027 target.

Tengku Zafrul described Budget 2027 as a responsible plan that balances investment incentives with efforts to promote economic growth across various segments of the Malaysian population and businesses. He emphasized that the budget considered the needs of multiple stakeholders and aimed to ensure that both lower-income groups and businesses benefit from economic growth.

He also pointed to the positive impact of planned capital expenditure by government-linked investment companies (GLICs) and government-linked companies (GLCs). These investments, including those by Khazanah Nasional Bhd, the Employees Provident Fund, and Petronas, are expected to enhance investor confidence and stimulate the broader economy.

Tengku Zafrul expressed optimism about the investment prospects, stating that domestic investment commitments could reassure foreign investors about Malaysia's economic stability and opportunities.