Najib enlists sibling Nazir
(The Sun Daily) – Prime Minister Datuk Seri Najib Abdul Razak today named 10 economists and corporate leaders to a special economic committee formed by Putrajaya to formulate immediate and medium-term plans to strengthen the Malaysian economy.
Among those named to the committee is his brother, CIMB group chairman Datuk Seri Nazir Abdul Razak, who has been critical of the controversial sovereign fund 1Malaysia Development Berhad (1MDB).
Najib said the committee, which will look into maintaining the stability of the financial market and strengthening confidence in the capital market, will be headed by Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar.
Besides Nazir, others named to the committee are:
» Khazanah Nasional Berhad vice-president Tan Sri Nor Mohamed Yakcop
» Khazanah Nasional Berhad managing director Tan Sri Azman Mokhtar
» China Banking Regulatory Commission chief adviser Tan Sri Andrew Sheng Len Tao
» Symphony Life Berhad executive chairman Tan Sri Mohamed Azman Yahya
» RAM Holdings Berhad group CEO Datuk Seri K. Govindan
» Universiti Kebangsaan Malaysia vice-chancellor Prof Datuk Noor Azlan Ghazali
» Association of Banks in Malaysia chairman Datuk Abdul Farid Alias
» Federation of Malaysian Manufacturers council chairman Datuk Seri Saw Choo Boon.
In announcing the members and aims of the committee today, Najib said officials from the Finance Ministry, Bank Negara Malaysia, International Trade and Industry Ministry, Securities Commission, Prime Minister’s Office, Economic Planning Unit, and the Prime Minister’s Department will be ex-officio members of the body.
“From time to time, certain parties may be invited to participate in the discussions about solving problems that stunt economic growth,” he said.
He said the decision to establish the committee was based on the government’s need to develop and execute immediate strategies and plans to ensure Malaysia continues to develop.
“The committee comprises economists and corporate leaders who will have weekly meetings or more frequently, if necessary, to discuss immediate actions,” said Najib, adding that the special economic committee will be reporting directly to him.
He said, however, that the committee was formed for a short-term basis only until the current economic situation is resolved.
Meanwhile, he reiterated his stand on not imposing capital controls or pegging the ringgit to the US dollar, and remaining committed to market-friendly policies.
Najib, who is also finance minister, said the economic fundamentals of the country remain sound and attributed the depreciation of the ringgit largely to the volatility of the global economic market.
Saying that the uncertainty of the global market requires a firmer and more responsive action, he added that the government is determined to handle and reduce any global impact on Malaysia’s real economy.
