Services sector reform crucial for Malaysia
KUALA LUMPUR: It is crucial for Malaysia to reform its services sector in order to achieve advanced services and innovations for its future economic growth post Covid-19, said Dr Aaditya Mattoo, chief economist of the East Asia and Pacific Region of the World Bank. He is of the view that some restrictions imposed by the […]
MOF undertaking study to widen revenue base including reinstating GST
KUALA LUMPUR: The Ministry of Finance (MOF) is currently undertaking a study on how to widen Malaysia’s revenue base which include reinstating goods and services tax as well as reviewing the tax incentive packages to further consolidate them and make it more targeted and strategic. Deputy secretary-general Zakiah Jaafar said the ministry was about to […]
World Bank expects Covid-19 to have impact on Malaysian GDP
KUALA LUMPUR: Malaysia’s gross domestic product (GDP) is projected to contract by 0.1 per cent to 4.6 per cent this year amid negative impact brought by Covid-19, according to the World Bank. Its senior economist, finance, competitiveness, and innovation global practice, Smita Kuriakose, said the impact on Malaysia’ economy was likely to be large looking due to Covid-19’s adverse impact on foreign direct […]
Shaping future direction, quality of economic growth
KUALA LUMPUR: Although governments globally are facing unprecedented challenges brought about by the Covid-19 pandemic, it is also an opportunity to embed the structural changes that have long been necessary to develop more sustainable, dynamic and inclusive economies. World Economic Forum (WEF) managing director Saadia Zahidi said the present crisis has starkly revealed the inadequacies for instance in healthcare, wages, […]
World Bank announces $12 bln to assist countries impacted by Covid-19
KUALA LUMPUR: The World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of Covid-19. In a statement today, it said the financing is designed to help member countries take effective action to respond to and where possible, lessen the tragic […]
World Bank fund for poor nations gets boost
PARIS: A key World Bank fund dedicated to lifting countries out of poverty has received a record $82 billion in funding and pledges for the next three years, its president said Friday. This represented a $7 billion increase on the previous three-year term, and is “the largest-ever replenishment” of the International Development Association (Ida), said […]
World Bank urged to stop lending to China
WASHINGTON: US President Donald Trump has lashed out at the World Bank, blaming the international financial institution for lending money to China. “Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. Stop! ” Trump wrote on Twitter. The president […]
