DAIM: WE WILL ADDRESS PROBLEMS
Council assures investors that govt will not increase debts
FORMER finance minister Tun Daim Zainuddin, who is part of the fivemember Council of Eminent Persons under the Pakatan Harapan (PH) government, has assured investors and fund managers that it will address problems affecting the economy and is not going to increase the country’s debts.
“There is no reason to put the economy in a state that is much worse (than before),” he said after chairing a meeting with other council members on Saturday.
He was responding to a question on investor jitters over the impact on the ringgit and stock market, following the surprise win by PH in the 14th General Election.
He said investors were more concerned about the proposed removal of the Goods and Services Tax (GST), which, they said, would impact government revenue and, in turn, widen the fiscal deficit.
“We’re not going to increase the debt any more. We’re not stupid.
“This is a lot of speculation, unnecessary fear. This is a normal reaction when a new government takes over,” he said.
Daim assured investors that the team had experts who could handle the issue.
“For 57 years, there was no GST and there was no problem.”
The important thing was to get rid of corruption, he said.
Present were former Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz, former Petronas president and chief executive officer Tan Sri Mohd Hassan Merican and economist Professor Dr Jomo Kwame Sundaram. Billionaire tycoon Robert Kuok was not present.
Prime Minister Tun Dr Mahathir Mohamad on Saturday announced the setting up of the council which, among others, will assist the new government in implementing its 100-day promises, as spelled out in PH’s manifesto.