Economic Reforms: A Step Towards a Brighter Future for Malaysia
Government Committed to Minimizing Impact on the People
Kuala Lumpur: The government is committed to ensuring that the implementation of MADANI economic reforms has minimal or no impact on the people in general, said Prime Minister Datuk Seri Anwar Ibrahim. To achieve this, the government has taken steps to implement the Public Service Remuneration System (SSPA) and the progressive wage and minimum wage policies to help the people improve their quality of life and develop their ability to adapt.
Targeted Subsidies: A Crucial Step in Economic Sustainability
He emphasized that reform efforts such as targeted subsidies, if not done, will weaken the country’s economy, fiscal strength, ratings, and investment. The price of oil, flour, and crude oil are all still low compared to other neighboring countries, he noted during a townhall session of the MADANI Government’s Two Year Programme (2TM) and the 2024 National Convention on Public Service Reform at the Kuala Lumpur Convention Center today.
Fiscal Responsibility: A Key to Success
Also present were both Deputy Prime Ministers Datuk Seri Dr. Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof, Cabinet ministers, and Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar. The Prime Minister hopes that all parties are ready to improve the country’s economic and fiscal capacity to make the Fiscal Responsibility Act a success.
A New Era of Economic Growth
He noted that subsidy rationalization was also proposed by the previous government, but no one dared to implement it, and described the two-year period as too early to see the full effectiveness of the government’s efforts to sustain the economy. However, the Prime Minister expressed confidence that the government’s efforts will bear fruit with the cooperation of all the people, including the private sector, in ensuring that the government’s salary policy can be implemented and improve the people’s living standards.
Conclusion
The Prime Minister’s words of wisdom serve as a reminder that the success of the economic reforms is dependent on the cooperation and support of all parties involved. With the government’s commitment to minimizing the impact on the people and the private sector’s willingness to adapt, the future of Malaysia looks promising. As the Prime Minister said, "I am still confident after seeing our performance in these two years… if we continue to improve the management now, give (us the) space and the new Malaysia will be seen as brave and great."
Frequently Asked Questions
- What is the Public Service Remuneration System (SSPA)?
The Public Service Remuneration System (SSPA) is a system designed to ensure that civil servants receive fair and competitive remuneration for their work. - What is the progressive wage and minimum wage policy?
The progressive wage and minimum wage policy is designed to help employees improve their quality of life and develop their ability to adapt to change. - What is the Fiscal Responsibility Act?
The Fiscal Responsibility Act is a law that aims to ensure the country’s economic and fiscal sustainability by promoting responsible fiscal management and reducing the country’s debt. - What is the role of the private sector in the economic reforms?
The private sector plays a crucial role in the economic reforms by providing support and cooperation to the government in implementing the reforms and ensuring a smooth transition.