PM: Madani Economy Framework replaced SPV after taking into account local context

KUALA LUMPUR: Justifying the government’s move to replace the World Bank-endorsed Shared Prosperity Vision 2030 (SPV) with the Madani Economy Framework, Datuk Seri Anwar Ibrahim said the decision was made after taking into account the local context and economic factors.

The Prime Minister told the Dewan Rakyat on Monday (Oct 9) that while Malaysia benefitted from the views of the World Bank, there are shortcomings in terms of their understanding of local factors and values.

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He added that local economists and thinkers may have a better understanding on the situation in the country.

“Secondly, any country should not just lift (ciplak) (international frameworks) and use it as an agenda for the country, like what the previous government did with the SPV. That is why we made these shifts based on local values,” he said during Question Time in the Dewan Rakyat on Monday (Oct 9).

“The SPV did not stress on values. It did not place a strong emphasis on governance and local problems in Malaysia because it is a universal and global framework.

"It has its strengths and there are weaknesses too because it does not address local issues such as cost of living.”

"It does not touch on the issues we inherited such as debts and deficits. The current planning must address these issues, so that it does not start from a vacuum,” he added.

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He reminded MPs that both in the present and in the future, Malaysia should ensure that local values are incorporated when drafting policies instead of simply being satisfied with attractive Western models.

He was responding a supplementary question by Suhaizan Kaiat (PH-Pulai) on the difference between the SPV 2030 and the Madani Economy Framework.

Earlier, Datuk Seri Hamzah Zainudin (PN-Larut) had asked Anwar to state new innovations that the Madani Economy Framework contains which are different from the SPV when it comes to achieving the goal of placing Malaysia in the top 30 largest economies in the world.

Listing down the differences, Anwar said the the Madani Economy framework was conceived based on basic values such as the human component as well as religious beliefs.

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He added that the Madani Economy Framework is not simply a basic economic framework, but it will be followed up with the mid-term review of the 12th Malaysia Plan, the National Energy Transition Roadmap (NETR) and the New Industrial Master Plan 2030 (NIMP 2030).

Hamzah said he posed the question to Anwar as the question was not addressed in the premier’s interview with CNN’s Christiane Amanpour last month.

"This is a good answer. It should have been in the CNN interview. That is why I asked again,” he said.

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Hamzah then went on to ask whether the targets of the Madani Economy Framework are achievable and the plans to address cost of living issues.

Anwar then asked Hamzah to refer to the full interview.

“I suggest YB to watch the full interview and not just cut and paste,” he said.

The SPV 2030 was introduced by Tun Dr Mahathir Mohamad’s Pakatan Harapan government in 2019 to replace the Vision 2020.

It was also later adopted by the Tan Sri Muhyiddin Yassin’s Perikatan Nasional government.