KUALA LUMPUR: The new government that is set to be formed with Tan Sri Muhyiddin Yassin as the 8th Prime Minister must ensure that effective policy implementation and national development reforms are in place without any delay, so as not to jeopardise Malaysia’s economic growth.
At present, Malaysia is facing multiple threats from Covid-19 to trade war to its economy, policies and reforms to stir the economy so as to strengthen the fundamentals of the nation.
The World Health Organisation (WHO) has escalated risk assessment of Covid-19, which stands for Coronavirus 2019 originating from Wuhan, China at “very high”.
Markets globally have been jolted to the implication of Covid-19. The deadly virus is seen to be the immediate threats to the global economy as it has spread to more than 50 countries outside China.
Hence, safeguarding and putting the national interest first should be the priority of the new government.
Measures such as institutional reform should continue to be the mainstay, given that such reforms are very universal and can be accepted by all parties, which would then improve confidence in the financial markets, as well as among businesses and consumers.
The RM20 billion economic stimulus package announced last Thursday was a good a start to tackle the impact of Covid-19, especially for those industries that were directly affected by it.
However, the results would not be immediate.
Investors, either foreign or domestic, would continue to look for signs of a steady government transition towards a stable political climate as policy and political uncertainties remain to some extent.
The political turmoil plaguing the country over the past week has finally been resolved when the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah appointed Tan Sri Muhyiddin Yassin as Malaysia’s 8th Prime Minister.
Muhyiddin, 72, who is Parti Pribumi Bersatu Malaysia (Bersatu) president, took oath of office before the King at 10.30 am today at Istana Negara.
Tun Dr Mahathir Mohamad resigned as the 7th Prime Minister on Monday.
Muar-born Muhyiddin is one of the founding members of Bersatu in 2016 before it became one of the four parties that made up the coalition of hope or Pakatan Harapan that won the 14th general election. Bersatu pulled out of the coalition the same day Dr Mahathir resigned as prime minister.
Muhyiddin has a vast experience in government’s administration, having served not only as deputy prime minister from 2009 to 2015, but also several ministerial portfolios, with the last being Minister of Home Affairs.
He has also previously served as Minister of Education, Minister of Youth and Sports, Minister of Domestic Trade and Consumer Affairs, Minister of Agriculture and Agro-based Industry, and Minister of International Trade and Industry under previous governments.
He was Menteri Besar of Johor from 1986 to 1995 before returning to federal politics in 1995. – Bernama
