Experts: The voices of experience will inspire confidence

PETALING JAYA: The council of eminent persons, with their experience and expertise, will inspire confidence in the capital markets, say captains of the industry, economists and fund managers.

“These eminent persons have immense credibility. Very importantly, they dare to speak up and have in-depth expertise in different business and economic areas,” said Cyberjaya University College of Medical Sciences Pro Chancellor, Tan Sri Dr R. Palan.

The setting up of the council demonstrates that “the Government is ready to listen to the voices of experience,” he said.

Prime Minister Tun Dr Mahathir Mohamad said yesterday that the council would advise the Govern­ment on economic and financial matters during this transitional period.

The team, which is led by former finance minister Tun Daim Zainud­din, comprises former Central Bank governor Tan Sri Zeti Aziz, former Petronas president Tan Sri Hassan Marican, Hong Kong-based tycoon Robert Kuok and economist Jomo Kwame Sundaram.

Malaysian Rating Corp senior economist Nor Zahidi Alias said the formation of the council was akin to the setting up of the New Economic Action Council in 1998, albeit that it was for a short time frame.

At that time, the country was affected by the Asian financial crisis and the NEAC was to implement measures to overcome issues and challenges then.

“The NEAC, later on, formulated the National Economic Recovery Plan, which provided detailed measures to stabilise and energise the economy, which later on recovered despite the perceived capital control measures imposed at that time,” Nor Zahidi said.

Hence, he believed that the establishment of this council is done under the same spirit, which is to deal with economic issues, particularly to address the imbalances that could affect long-term economic fundamentals such as debt and contingent liabilities.

“What matters most is how well the actual heads of ministries work together with this team of elders to propel Malaysia out of the doldrums as ultimately, the members of the team can only provide their views and opinions; but it is the various ministries that would need to do the actual work,” said Ericsenz capital Pte Ltd chief executive officer Anthony Siau.

AmBank group chief economist Anthony Dass said the council would boost confidence among investors, both local and foreign, as well as the general household.

Alliance Bank Malaysia Bhd chief economist Manokaran Mottain said the setting of the council was timely especially during a critical time given that Pakatan Harapan had named several measures to deliver within 100 days such as removing the GST.

“It is market reassuring and will boost confidence,” he added.