Anwar, who is also the finance minister, said this after S&P Global and Fitch Ratings maintained the country’s sovereign credit ratings at A- and BBB+, respectively.

He said the continuous reforms to enhance business competitiveness and progress include the New Industrial Master Plan 2030, the National Energy Transition Roadmap, and the mid-term review of the 12th Malaysia Plan.

Anwar also expressed confidence in achieving this year’s gross domestic product target of 4% to 5%, driven by a strong labour market and trade performance.

“Moving forward, the government is firmly committed to ensuring public finance sustainability by adhering to a consistent fiscal consolidation trajectory,” he added in a statement by the finance ministry.

Yesterday, S&P affirmed Malaysia’s sovereign rating at A- with a “stable” outlook, citing steady growth and potential modest fiscal improvements.

S&P also projected that Malaysia’s economic growth will recover to 4.3% this year through higher exports and robust private sector investments.

Fitch Ratings today affirmed Malaysia’s sovereign rating at BBB+ with a ‘stable’ outlook, citing strong medium-term growth prospects, but flagged high public debt, low government revenue, and near-term political challenges.