As the economic crisis plunge deeper and deeper every day, one must wonder whether the present government is able to pull us out from the deep hole once again just like we did in 1997-98 crisis. So far, Prime Minister, Dato’ Seri Abdullah Ahmad Badawi has not been able to come out with the right solutions and impliedly admitted that he is not fit to handle the country’s finance anymore by swapping post with the Minister of Defence cum DPM, Dato’ Sri Najib Tun Razak.
It is interesting to note that the Second Finance Minister, Tan Sri Nor Mohamed said that Malaysia will not be vastly affected by the financial crisis in the United States because of its strong economic fundamentals. Nor Mohamed said this when commenting on the KL Composite Index which fell below the psychological 1,000-level at the start of trading on Thursday, 18 September 2008. Ironically, this is the first time in two years that KLCI fell below 1,000-level and it coincides with the fall of US stocks. Dow Jones Industrial Average closing at its lowest level since November 2005, as the US government’s rescue of AIG failed to stop financial sector hemorrhaging and as credit conditions tightened.
While critics have started to sharpen their knife, none seems willing to offer any possible solutions to the country’s economic woes. Already, we are faced with higher cost of living and high inflation rate with conditions getting worse each day. The price of foodstuff are high and may go higher. But income is not increasing! So it is left to our great old master, Tun Dr Mahathir to offer some opinions that might be worth considering.
According to Tun, Malaysia should re-peg the ringgit in order to withstand the global economic pressure.
“We shouldn’t float the currency. The country would lose money if the currency is vulnerable to external forces. Malaysia could strengthen the value of the ringgit by 10% (by pegging the ringgit to the US dollar), the import value should depreciate by 10%. The impact would be immediately felt by the rakyat, when the price of imported goods is reduced”, Dr Mahathir said at a press conference after presenting a keynote address at a national-level seminar on Development of Higher Learning Institutes. In his blog, the former premier said that Dato’ Sri Najib Tun Razak’s appointment as Minister of Finance has come at a crucial time.
“I pray and hope he will be able to handle the impending crisis. If he fails then he will have to take the blame. Dato’ Seri Abdullah is now only involved in social issues, reform and Islam Hadhari.”
As we brace for what may happen in a few weeks or months to come, we hope that Najib can find a quicker and better solution for the country. Some of the Asian countries are already casting a wary eye on the financial crisis erupting halfway around the world on Wall Street and we too should be worry!
There is urgent need to call for National Economic Action Council or some sort to find solutions. There should also be brainstorming sessions and discussions should not be limited to the 4th floor boys. I have no doubt about Najib’s ability, the changes will bring some fresh ideas on how to tackle the economic problems. May Allah save our nation from the economic catastrophe!
KHAIRUL IDZWAN IDRIS
Timbalan Pengerusi
Biro Ekonomi dan Pembangunan Usahawan
Pergerakan Pemuda UMNO Bahagian Setiawangsa
Wilayah Persekutuan
It is interesting to note that the Second Finance Minister, Tan Sri Nor Mohamed said that Malaysia will not be vastly affected by the financial crisis in the United States because of its strong economic fundamentals. Nor Mohamed said this when commenting on the KL Composite Index which fell below the psychological 1,000-level at the start of trading on Thursday, 18 September 2008. Ironically, this is the first time in two years that KLCI fell below 1,000-level and it coincides with the fall of US stocks. Dow Jones Industrial Average closing at its lowest level since November 2005, as the US government’s rescue of AIG failed to stop financial sector hemorrhaging and as credit conditions tightened.
While critics have started to sharpen their knife, none seems willing to offer any possible solutions to the country’s economic woes. Already, we are faced with higher cost of living and high inflation rate with conditions getting worse each day. The price of foodstuff are high and may go higher. But income is not increasing! So it is left to our great old master, Tun Dr Mahathir to offer some opinions that might be worth considering.
According to Tun, Malaysia should re-peg the ringgit in order to withstand the global economic pressure.
“We shouldn’t float the currency. The country would lose money if the currency is vulnerable to external forces. Malaysia could strengthen the value of the ringgit by 10% (by pegging the ringgit to the US dollar), the import value should depreciate by 10%. The impact would be immediately felt by the rakyat, when the price of imported goods is reduced”, Dr Mahathir said at a press conference after presenting a keynote address at a national-level seminar on Development of Higher Learning Institutes. In his blog, the former premier said that Dato’ Sri Najib Tun Razak’s appointment as Minister of Finance has come at a crucial time.
“I pray and hope he will be able to handle the impending crisis. If he fails then he will have to take the blame. Dato’ Seri Abdullah is now only involved in social issues, reform and Islam Hadhari.”
As we brace for what may happen in a few weeks or months to come, we hope that Najib can find a quicker and better solution for the country. Some of the Asian countries are already casting a wary eye on the financial crisis erupting halfway around the world on Wall Street and we too should be worry!
There is urgent need to call for National Economic Action Council or some sort to find solutions. There should also be brainstorming sessions and discussions should not be limited to the 4th floor boys. I have no doubt about Najib’s ability, the changes will bring some fresh ideas on how to tackle the economic problems. May Allah save our nation from the economic catastrophe!
KHAIRUL IDZWAN IDRIS
Timbalan Pengerusi
Biro Ekonomi dan Pembangunan Usahawan
Pergerakan Pemuda UMNO Bahagian Setiawangsa
Wilayah Persekutuan
4 comments:
Looking forward to see some changes for Malaysia.
hope for vast changes in our country.proud to be MALAYSIAN !
Salam. Interesting..... Keep writing.... All the best....
looking forward to see those changes, and i adore ur writings~
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