Anwar: Economic policy should be inclusive, NEP done away with

KUALA LUMPUR: Malaysia should look at crafting economic policies which are inclusive and dismantle obsolete policies such as the New Economic Policy, according to PKR president-elect Datuk Seri Anwar Ibrahim.

In addition to that, he noted that a sustainable economy is not one that is mainly driven by consumer spending fuelled high level household debts. He said that there have not been enough good jobs created and have heavily relied on debts.

“The important explanation for this situation is the increasing disparity of income. We are not immune to the negative impacts of the global crisis ,” he said, during his special address at “Malaysia: A New Dawn” jointly organised by CIMB Holdings Group Bhd, Malayan Banking Bhd and RHB Banking Group.

“We cannot build a better life for our people if they need two to three jobs just to make ends meet. That is bad economics... even worst social policy,” he added.

In that light, he said affirmative actions taken must be based on needs.

The prime minister-in-waiting also said it is important to enhance the investment, trading and economic ties with China and India which are the engine of growth for global economy.

He added that social protection and poverty eradication remains central to the government’s effort to ensure a better life for all.

“We must avoid the pitfalls of many other developing countries including Malaysia where programs for poor are many in number and generously funded but has not achieved the results,” Anwar added.

He called for greater transparency and public participation as key in ensuring efficiency of social programs, to identify dubious program, reduce duplication and waste of resources.