Need to ensure Malaysia continues to develop, says PM

Azlan Ghazali;

Association of Banks in Malaysia chairman Datuk Abdul Farid Alias; and

Federation of Malaysian Manufacturers council chairman Datuk Seri Saw Choo Boon.

In announcing the members and aims of the committee yesterday, Najib said officials from the Finance Ministry, Bank Negara Malaysia, International Trade and Industry Ministry, Securities Commission, Prime Minister’s Office, Economic Planning Unit, and the Prime Minister’s Department will be ex-officio members of the body.

“From time to time, certain parties may be invited to participate in the discussions about solving problems that stunt economic growth,” he said.

He said the decision to establish the committee was based on the government’s need to develop and execute immediate strategies and plans to ensure Malaysia continues to develop.

“The committee comprises economists and corporate leaders who will have weekly meetings or more frequently, if necessary, to discuss immediate actions,” said Najib, adding that the special economic committee will be reporting directly to him.

He said, however, that the committee was formed for a short-term basis only until the current economic situation is resolved.

Meanwhile, he reiterated his stand on not imposing capital controls or pegging the ringgit to the US dollar, and remaining committed to market-friendly policies.

Najib, who is also finance minister, said the economic fundamentals of the country remain sound and attributed the depreciation of the ringgit largely to the volatility of the global economic market.

Saying that the uncertainty of the global market requires a firmer and more responsive action, he added that the government is determined to handle and reduce any global impact on Malaysia’s real economy.