Essence of 12MP review meets current situation, covers all aspects, says analysts

KUALA LUMPUR: Malaysia is on the right track to achieve the status of a high-income country driven by the new policies and approaches outlined in the Mid-Term Review of the 12th Malaysia Plan (12 MP) and in line with the Madani Economy framework.

Several experts and analysts described the initiatives drafted and improved in the MTR of the 12MP as in tandem with the current situation and cover all aspects and needs of all the people from all walks of life.

A senior lecturer at the School of Economics, Finance and Banking (SEFB), Universiti Utara Malaysia, Associate Prof Dr Irwan Shah Zainal Abidin described the mid-term review of the 12MP as a comprehensive plan to achieve that goal with a different focus and approach.

"Whether it will be achieved or not depends on various factors. However, I see that it is not impossible to achieve," he told Bernama.

Prime Minister Datuk Seri Anwar Ibrahim today tabled the mid-term review of the 12MP themed 'Malaysia Madani: Sustainable, Prosperous, High-Income' at a special meeting of the Dewan Rakyat to serve as the basic document to drive and boost the country's development by raising the dignity of the people and empowering them.

The 12MP mid-term review introduced 17 big bold measures covering 71 main strategies and initiatives that would serve as the main catalyst in accelerating the efforts to reform the socioeconomic development of the nation in line with the Malaysia Madani aspiration.

In an effort to make Malaysia's economy more sustainable, inclusive and highly competitive at the regional level, Irwan Shah opined that the strategy towards that is in place but there are more pressing matters that need to be dealt with immediately, especially the issue of people's income, basic food supply and educational opportunities.

Akademi Nusantara Senior Fellow Prof Dr Azmi Hassan said the improvements made in 12MP including several drastic initiatives involving technology, innovation and the digital economy proved that the prime minister understood the current needs.

He said there were things that were not focussed on in the previous tabling of the 12MP, but had been improved and corrected in the 12MP mid-term review taking into account the current situation and challenges.

Apart from that, Azmi said the 12MP ceiling allocation which was increased by RM15 billion, making the total amount to RM415bil, reflected the government's commitment to ensure all the initiatives planned can be fully achieved.

"Allocation is no longer a problem, it's more about how to ensure the initiatives can be implemented by the relevant ministries. I welcome the setting up of the 12MP MTR Special Monitoring Committee to ensure that all these initiatives are not implemented in silo, but among the ministries," he said.

This was concurred by economic analyst Datuk Dr Madeline Berma. who said that the setting up of the committee was important to ensure that all the planning made can be carried out in the best possible way and the goals achieved within the set time frame.

"There are two things that need to be looked at, which are monitoring and improvents, because the issue of integrity is very much emphasised by the prime minister. My concern is not only the goal of achieving a rapid economy but there needs to be redistribution (growth with distribution)," she said.

Dr Madeline who is also a Fellow of the Malaysian Academy of Sciences, said the essence of the 12MP mid-term review which was in line with Madani economy is clearer and easier to understand through the 12 affirmations and was structured according to three main focuses which were working towards a high-income country, developing a prosperous society and strengthening sustainability and governance.

Meanwhile, a senior fellow with the Singapore Institute of International Affairs Dr Oh Ei Sun said the 12th Malaysia Plan (12MP) mid-term review was a springboard for Malaysia to recover and regain its glory again.

"These are macroscopic plans. They need to be supplemented by more microscopic plans that would rope in more participation, especially from the small and medium enterprises which generate the most number of jobs," he said.

Oh said there was no denying Malaysia was stuck in a middle-income trap and to develop a peaceful society was basically to maintain the basic livelihood of the people.

"To aim for a high-income society is to improve their livelihood further and to strengthen the integrity is to make sure that there is no leakage in how government spends its money.

"But as with many other government programmes, the key is in the delivery, whether the plan could be properly implemented," he said. - Bernama