KUALA LUMPUR: Fairness, trust and transparency are key to securing public acceptance of difficult fiscal reforms, including subsidy rationalisation, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
The minister said the public were more willing to accept difficult decisions when they understood the reasons behind them and regarded their implementation as fair.
"The reality is, we’ve now done subsidy rationalisation for more than two years,” he said at the closing panel discussion of the Khazanah Megatrends Forum, moderated by Khazanah board member Dr Nungsari Ahmad Radhi.
Amir Hamzah said trust and transparency helped secure acceptance of reforms, while fiscal constraints required difficult trade-offs in the public interest.
He said restructuring subsidies was necessary to create fiscal space and ensure assistance reached those who needed it, with the government having to demonstrate both the need for change and the fairness of its approach.
On protecting future generations, he said legislation such as the Fiscal Responsibility Act provided safeguards to strengthen fiscal discipline, including reducing fiscal deficits.
"We don’t want to steal from our children and our grandchildren by enjoying the fruits of things today,” he said.
He said Malaysia must also preserve wealth from finite resources, including oil and gas, so future generations could benefit.
The national trust fund framework aimed to set aside resources, with safeguards governing withdrawals while allowing support for education, skills development and health, he said.
Amir Hamzah said government decisions had lasting consequences and required careful consideration of their human impact.
Using a hypothetical example, he said a policy affecting just 10 per cent of Malaysia’s population would still affect 3.4 million people.
"If we affect 3.4 million people, somebody’s life out there is dramatically changed by what you do.
"It’s about what impact we do and what change we bring in moving society forward,” he said.
The minister added that neither Khazanah nor the government could drive national progress alone, stressing the need for broader cooperation to build a more prosperous and balanced society. - Bernama
