Anwar Ibrahim’s statement on the economy

The administration’s lackadaisical approach to governance and accountability is deeply disturbing.  At a time when Malaysian’s are forced to cut costs and worry if their hard earned money will cover the next month’s bills, our government continues to pour billions in taxpayer money down the drain. 

The government’s neither-here-nor-there approach to the PKFZ scandal is a clear sign of UMNOs unwillingness to sacrifice its own delinquent members for the sake of the national good.  The handling of the PKFZ affair amplifies the hypocrisy which was manifest in the investigations into money politics within UMNO and the selective persecution of foes of the new Najib administration. 

The government has bragged that billions have been disbursed from the two fiscal stimulus packages. Yet there is virtually no information available to the public about the process of awarding tenders.  We are left to assume that it is business as usual and have little confidence that the economy will benefit from the misappropriation of these funds that are being channeled to the same coterie of crony companies.

Inefficiency and largesse remain the prevailing traits of our bloated bureaucracy. Government monopolies preclude any significant change in the economic landscape of the nation and promises of liberalisation ring hollow when it comes to the lack of political will to implement change.

To date there is no plan in sight to resuscitate the economy and transform it as the Prime Minister has promised.  We hear from him incoherent statements predicting a recovery by the end of the year while at the same time admitting that our economy is beholden to that of the US and Europe, which by their own account will remain weak into 2010. 

Bank Negara has this week confirmed what most Malaysians have known already for eight months, save the Minister of Finance. The country is headed for recession.  Thousands of jobs have already been lost and in the coming months we know that more factories will be shuttered and more will be laid off – by some estimates up to a half-million people.   2009 growth figures have been slashed to -5%, the worst economic scenario Malaysia has faced since the Financial Crisis. 

These challenges require visionary leadership and the courage to act decisively against corruption and cronyism.  Sadly both qualities are lacking in the current administration.

ANWAR IBRAHIM