PETALING JAYA: PAS called on the Prime Minister to quickly reshuffle the Cabinet and assemble a team more capable of tackling the economic challenges.
PAS' Economy, Real Estate and Entrepreneur Development Bureau deputy chairman II Mazli Noor said on Friday (Nov 22) that the Prime Minister could look into appointing technocrats instead of MPs to manage the economy and market challenges.
"Only those who are competent and knowledgeble in macro economy and market maneuvering could impose correctional measures to tackle the challenges," he said.
His remarks were response to Prime Minister Tun Dr Mahathir Mohamad's comment on the possibility of reshuffling the cabinet in view of public discontent over the failure to revive the economy and check the rising cost of living, among other things.
Mazli said MIDF Amanah Investment Bank had noted that foreign investors had withdrawn RM8.98bil from the Malaysian equity market up till Nov 18.
"Involvement of foreign investors also declined from an average daily rate of 30% to 13.6%," he said.
Saying that such trend reflected eroding investor confidence and adversely affected market competitiveness, Mazli said corrective measures needed to be implemented to check the decline.
"Only capable ministers should be entrusted to correct the market, resolve the uncertainties and check eroding confidence," he said.
According to Mazli, internal political pressure by certain parties pushing for leadership transition also appeared to have spooked the market players.
"Market players need certainty. Therefore Dr Mahathir need to decide if he should serve a full term.
"If leadership transition is on the cards, market players need assurance on the potential candidate's capability in driving the nation forward," he said.
Mazli added that strategic short-term and long-term economic plans needed to be implemented to revive the economy.
"Fresh strategies are needed to drive and transform the Malaysian economic model that is still trapped in an old framework that is reliant on capital input.
"The existing economic model cannot address the current issues affecting the rakyat, including rising cost of living and economic slowdown," he said.
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