CIMB: Govt must demonstrate fiscal prudence

KUALA LUMPUR: CIMB Group Holdings Bhd chairman Datuk Seri Nazir Abdul Razak said the government needs to demonstrate fiscal prudence in the upcoming Budget 2017, which some quarters claim to be an election budget.
"The important thing is to maintain the self-imposed debt ceiling of 55% of GDP; this is what the market is looking at in the current market environment," he told reporters on the sidelines of the Khazanah Megatrends Forum 2016 today.
He said while the government can "spend more", it can also "save more" in the budget.
"I encourage the government to look at more rigorous spending management. They must know where to cut and where to spend.
"For some less important spending and operating expenditure, there should be serious cuts. This is how the government can meet its target," he added.