ASLI expects budget to restructure socio-economic, financial policies
KUALA LUMPUR: The Asian Strategy and Leadership Institute (ASLI) expects the 2019 Budget to restructure the socio-economic and financial policies and at the same time has to be consolidated and mildly expansionary.
ASLI centre for public policy studies chairman Tan Sri Ramon Navaratnam said the budget must be designed to meet the society’s basic needs and the policies should be “needs-based” and not “race-based”.
“The 2019 Budget has to be consolidated and hopefully it will not be contractional as the slowdown could be aggravated, but neither can the budget be too expansionary. Hence, we have to keep the budget on even keel,” he saidyesterday.
Navaratnam said recommendations by the Council of Eminent Persons should be made public and fully incorporated into the budget proposals where appropriate.
As for the New Economic Policy, he opined that it had served its purpose but it must be modified into the much more acceptable New Economic Model, which would be fairer to all Malaysians as too much protectionism would reduce national efficiency, promote mediocrity and not meritocracy and competition, and undermine national unity.
He also urged the government to strengthen the ringgit and the balance of payments, apart from taking measures to reduce capital outflows in order to move the country forward.
“We have to use Budget 2019 to make a difference from the old regime, and restructure the economy to make it more competitive and fairer to all Malaysians,” he added.