By Stephen Puah
KUCHING: The newly-established Economic Action Council (MTEN) is expected to boost investor confidence as well as assist the government to set up strategies to strengthen the value of the ringgit, said University of Malaya Associate Prof Dr Awang Azman Awang Pawi.
He said the main issue that needs to be addressed is how to revive the ringgit for the stability of the country’s economy.
“The setting up of the council is the right move to address the cost of living, but it would be much better if it involved youth groups and more groups of consumers,” said Awang Azman when contacted yesterday.
He said youths and more community bodies such as consumer associations need to be involved because they have information that can guide the government to understand the problems and needs at the grassroots level.
“There is no problem for Dr Mahathir to recycle the strategy used to address the 1998 economic crisis, but it needs to be updated with a new approach, which is to expand the involvement of the community,” said the professor.
The formation of the council announced two days ago is made up of five members of the federal cabinet, a former minister, economists, heads of financial and banking agencies, think-tanks and lawyers.
There is only one consumer representative, that is, the Federation of Consumers Association of Malaysia (Fomca) group chief executive officer, Dr Paul Selvaraj.
“Indeed, one of their shortcomings is they are too dependent on old formats. New factors such as NGO engagements, consumer associations and youths – someone like Rafizi Ramli ̶ need to be involved as they have experience in economics,” said Awang Azman, adding that there are many youth-related NGOs.
The professor is also of the opinion that the council should also involve Datuk Seri Anwar Ibrahim as Pakatan Harapan (PH) has picked him as the successor to Dr Mahathir. And in terms of political contributions Anwar himself is a former finance minister.
Besides, Anwar has loudly raised his concern about the high cost of living in Malaysia.
Former journalist, Datuk A Kadir Jasin, said the Prime Minister needed a special body to examine and make decisions on important and immediate concerns about the economy, finances and welfare of the people.
He said the reality is that after more than eight months of governing the country, the Pakatan Harapan (PH) government has not been able to show the results that the people can see and feel.
At the same time, he said, the country’s economy and finances continue to be challenged by the legacy of the Barisan Nasional (BN) coupled with growing trade war between China and the USA.
According to a press release from the Prime Minister’s Department, the council has four main objectives. Objective one is to boost and stimulate economic growth. Second objective is to ensure sustainable growth; third – to ensure equitable distribution of wealth, and fourth – to enhance the well-being of the people.
The council is set up in response to feedback from the people on the problems they faced, especially in the field of economy.
“It will also look into issues related to the cost of living, employment, poverty and home ownership,” the statement said.
The following are members of the Economic Action Council: Tun Dr Mahathir Mohamad (Chairman); Datuk Seri Azmin Ali – Minister of Economic Affairs; Lim Guan Eng – Minister of Finance; Datuk Ignatius Darell Leiking – Minister of International Trade and Industry; Baru Bian – Minister of Works; Dr Muhammed Abdul Khalid – Prime Minister’s Economic Advisor; Tan Sri Rafidah Aziz – former Minister of International Trade and Industry; Tan Sri Zeti Akhtar Aziz – Chairman of Permodalan Nasional Berhad; Professor Dr Jomo Kwame Sundaram – Member of the Government Advisory Council (CEP); Tan Sri Tay Ah Lek – Managing Director of Public Bank; Dr Hasnita Hashim – Chairman of the Majlis Amanah Rakyat; Datuk Shireen Ann Zaharah binti Muhiudeen – Chairman of Bursa Malaysia; Tan Sri Dr Mohd Munir Abdul Majid – Chairman of Asean Business Advisory Council, Malaysia.
