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Malaysia and Singapore to Boost Cybercrime Cooperation in Cross-Border Crime Agreement

Key Takeaway: Cybercrime will be included in Malaysia-Singapore cross-border crime cooperation , as the two countries prepare to renew their Memorandum of Understanding (MOU) on the matter. Malaysia’s Home Minister, Datuk Seri Saifuddin Nasution Ismail, announced that cybercrime will be a new focus in Malaysia-Singapore cross-border crime collaboration . The updated MOU will be signed on Nov 14 during Saifuddin’s meeting with Singapore’s Minister of Home Affairs and Law, K. Shanmugam. This move reflects the growing threat of cybercrime , which costs ASEAN an estimated US$64 billion annually. The agreement emphasizes capacity-building, intelligence-sharing, and joint operations as vital components for addressing cybercrime. The exchange of MOU documents will occur at the Annual Leaders' Retreat on Dec 8 in Malaysia, which will be attended by the prime ministers of both nations. Saifuddin also highlighted plans to discuss border congestion issues and will visit Singapore’s Immi
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Govt committed to reducing fiscal deficit to 3.8% of GDP

The Malaysian government is making strides to reduce its fiscal deficit and maintain a debt-to-GDP ratio below 60%, as laid out in the Public Finance and Fiscal Responsibility Act 2023 (Act 850). For Budget 2025, the Ministry of Finance (MOF) aims to bring the fiscal deficit down to 3.8% of GDP, following a recent trend of decreasing national debt.

Key points include:

  1. Reduced New Debt: New debt fell from RM100 billion in 2022 to RM92.6 billion in 2023, with further reductions projected at RM84.7 billion for 2024 and RM80 billion by 2025.

  2. Debt Composition: Federal loans at the end of September totaled RM166.5 billion, down from RM182.5 billion the previous year, with major components including Malaysian Government Securities (MGS), Malaysian Government Investment Issues (MGII), and Treasury bills.

  3. Liabilities: The government’s liabilities reached RM369.3 billion by June, encompassing guarantee commitments of RM231.4 billion and other liabilities totaling RM137.9 billion.

  4. Foreign Debt Exposure: Only 2.5% of Malaysia’s debt is in foreign currency, limiting the country’s exposure to currency fluctuations. The strengthening of the ringgit is anticipated to reduce the interest on maturing debt, alleviating financial pressures.

These efforts underscore the government's focus on fiscal responsibility and stability while preparing for future economic challenges.

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