The first series of the Auditor-General’s Report 2016 released in Parliament today shows the federal government debts increased for the fourth consecutive year.
Debts: Up
- 2016 – RM648.475b
- 2015 – RM630.54b
- 2012 – RM501.617b
Expenditure: Up
- 2016 – RM26.48b
- 2015 – RM24.283b
- 2012 – RM19.537b
Revenue: Down
- 2016 – RM212.421b
- 2015 – RM219.089b
According to the report, the federal government’s debts rose to RM648.475 billion, a 2.8% increase of RM18 billion from RM630.54 billion in 2015.
This was attributed to the increase in domestic debt of RM15.759 billion and overseas debt of RM2.176 billion last year.
Gradually increasing over the previous five years, the debts have grown from RM501.617 billion in 2012 to the current RM648.475 billion.
The report revealed that the expenditure due to the national debt (cost of getting loans and interest), also showed an increase for five consecutive years – from RM19.537 billion in 2012 to RM26.48 billion in 2016.
In 2015, the spending was RM24.283 billion and increased by RM2.197 billion or 9% to RM26.48 billion in 2016.
The report also said the federal government had borrowed close to RM100 billion for development expenditures and to pay back debts previously incurred.
Meanwhile, federal government revenue for 2016 amounted to RM212.421 billion, compared to RM219.089 billion in 2015, showing a downward trend following the drop in world crude oil price.
The report and synopsis can be accessed through the National Audit Department’s website.