‘IMF WANTS TO LEARN FROM MALAYSIA’
IMF managing director calls on PM on Asean Summit sidelines
THE International Monetary Fund (IMF) is seeking to learn from Malaysia’s experience in tackling corruption. Its managing director, Christine Lagarde, in a tweet accompanied by a picture of herself with the Prime Minister Tun Dr Mahathir Mohamad on Wednesday, said she and Dr Mahathir had discussed how to tackle corruption.
“It was a pleasure to meet with PM Mahathir of #Malaysia. We discussed how to tackle corruption, and agreed to work together and learn from Malaysia’s experience for the benefit of other countries.”
Lagarde paid a courtesy call on Dr Mahathir at the sidelines of 33rd Asean Summit and Related Summits in Singapore.
Yesterday, Dr Mahathir, at a press conference, said the IMF expressed interest in what the government was doing to rehabilitate the country.
Dr Mahathir, who is known not to have the best of relations with the organisation, said Lagarde had relayed this to him during their meeting.
He said the organisation was very keen on the approach taken by the Malaysian government, including its anti-corruption strategies.
Meanwhile, in a Bernama report, Dr Mahathir said the government was mulling the idea of cryptocurrency, especially on the role it might replace.
“It is her opinion. (But) We are starting it, anyway,” he said when asked Lagarde’s remarks on the possibility of central banks around the world considering issuing digital currency.
“We are thinking about it. Even the government is thinking about it. To find out the role they replace.”
On Harapan Coin, Dr Mahathir said it was not given much thought yet.
“We may accept it... but it depends on how well it functions.”
Asked if Bank Negara Malaysia (BNM) would agree to it, he said: “I haven’t spoken to BNM.”
Cryptocurrency or digital currency is not a legal tender in Malaysia.
Dr Mahathir said a concept that was more interesting than cryptocurrency was a cashless society.
“What is more interesting is the cashless society of India. They hardly use any money.
“When money is not used, corruption is less possible,” he said, adding that he had talked to Indian Prime Minister Narendra Modi about it.
Dr Mahathir said he did put forward the idea of a common East Asian Currency, but only for trading and not for domestic use during the Asean Plus Three Summit.
“This is an old idea of mine. I mentioned that we should have an East Asian currency only for trading.
“I thought that this (is) something (that) would enable even foreign countries to handle the problem of not having enough foreign exchange.”
On the United States-China trade war, he said Asean countries were concerned about it.
“China is not keen on the trade war (as) it felt it does not contribute to the development of peace in the region,” he said when asked if it was discussed at the summit.