KUALA LUMPUR: Malaysia’s debt and liabilities are estimated at 1.5 trillion ringgit ($352.44 billion) for 2022 or more than 80% of gross domestic product, the prime minister’s office said on Friday.

Malaysia had set its debt limit at 65% in 2021.

The government was committed to ensuring that the ratio was under control, the office of Prime Minister Anwar Ibrahim said in a statement.

Anwar’s office also said the budget for this year will include measures to encourage private sector investment and public sector reform.

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The budget will also increase development expenditure to promote inclusive development, improve government services and rural infrastructure, it said.

The government is set to present its budget for the year on Feb. 24.