NSTnation: “Right now, Malaysia needs experienced people who have delivered previously in various capacities and have strong standing in the market not only locally, but also globally.”
But they think Prime Minister Tan Sri Muhyiddin Yassin and his new ministers, especially Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, have the experience and know-how to steer the economy through the storms.
He said the global economy was witnessing some very interesting phenomena, like a trade war, stock market crash, structured currency depreciation, coronavirus, oil price war and, above all, economic slowdown in Europe, Japan, Australia and the United States.“It seems like a new idea to bring a banker on board as he understands the reality. He is on the ground and can do a lot of things at the strategic level. Banking is the lifeline to the economy. It is a good move .
Shan said the government would now pursue an expansionary fiscal policy, adding that the government must formulate strategies quickly to provide a roadmap to the economy. “Given Tengku Zafrul’s deep banking expertise and the fact that he is not deemed to be a political appointee, it appears that the prime minister understands the importance of presenting a market-friendly face for the crucial portfolio.”
“With the falling oil price, this has affected the government’s ability to tap petroleum revenue for the purpose of this cash injection. The slowing economy due to Covid-19 has resulted in lower revenue for the government across industries and sectors.”
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