Other debt paper includes Treasury bills, government housing sukuk (SPK) as well as offshore borrowings. Some RM110.4 billion, or 11%, of Malaysia’s RM1.058 trillion debt paper (as at end-March 2022) matures within a year; and 28%, or RM276 billion, are maturing within three years. Simply put, about half of the current debt paper is likely to be rolled over at higher rates within five years — barring an about-turn in the direction of global rates. Including this year’s estimate of RM43.1 billion, Malaysia would have spent RM468 billion on interest payments for its debt alone since 2000. The RM43.1 billion debt service charges estimated for 2022 are more than double the RM18.18 billion earmarked for education, health and housing under development expenditure for this year.
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