Council expresses concerns over unbridled free market philosophy

KUALA LUMPUR: The Malay Economic Action Council (MTEM) has expressed concerns over the 2019 Budget, claiming that it is marginalising many community groups and advocating unbridled free market philosophy.

Its Chief Executive Officer, Ahmad Yazid Othman said basically the budget was good and positive as it focused on the B40 income group, but at the same time it portrayed its weaknesses for leaving out certain groups in the rural people like fishermen and farmers.

"MTEM also disagrees with Finance Minister Lim Guan Eng's statement (on free market philosophy) that the best government should not engage in business. It seems to reflect on his intention to release the government's holdings in government-owned businesses.

"If this were to happen, one of the most effective Bumiputera economic advancement tools will be gone forever," Ahmad Yazid said in a statement today.

He said MTEM was also disappointed with the small allocation proposed for the Bumiputera economic agenda which was only about RM3.6 billion compared to the huge sum of RM314.5 billion in the 2019 Budget.

Ahmad Yazid said the 'sovereignty' of food or food safety issue pursued by MTEM was also not getting its due attention.

"There is no concerted effort to re-establish the National Paddy & Rice Board even though MTEM and Padi Rescue have argued on its importance towards the national food security.

"The proposed allocations for agriculture and fisheries focus on industrial development such as research for seed, automation and industrial training that farmers and fishermen cannot directly utilise," he said. Bernama