Malaysian Prime Minister Najib Razak vowed
Thursday to further open up and reform the country's economy.
In a speech at a business conference in Kuala Lumpur, Najib said
his government would strengthen the country's tax system and
rationalize subsidies in a bid to cut the budget deficit from 4.5 per
cent in 2012 to 4 per cent this year and 3 per cent in 2015.
"We are working towards a balanced budget, and I have pledged that
our debt will never exceed 55 per cent of GDP," he said.
The public debt to GDP ratio stood at 53.3 per cent in 2012.