PETALING JAYA: The Madani economic narrative will be announced in August by Putrajaya as a guide for what the nation can expect from the unity government’s ultimate goals for the economy, says Prime Minister Datuk Seri Anwar Ibrahim
He added that the narrative will also provide clear directions for each ministry and agency in implementing the unity government’s economic plans.
“In the meantime, policies that need to be immediately implemented will be continued but the importance of this narrative is that it gives a clear direction and eases the work of the ministries and agencies involved,” said Anwar.
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He said this when speaking to reporters after a meeting with the National Economic Action council in Putrajaya.
He added that the narrative is a framework for Putrajaya’s plans to reform the economy and will comprise several pillars that will be explained in stages.
Some of the thrusts in this road map include growing the green economy, prioritising certain investments, transitioning to different forms of power generation and rationalising subsidies, said Anwar
“We have some economic principles that we touched on briefly in the Madani handbook but the Economic Affairs Ministry and other ministries together with the private sector are involved in stakeholder meetings to formulate some of the policies in areas I mentioned,” he said.
The goals of the economic narrative include creating a high value, sustainable economy, expanding social protections by empowering individuals and reforming the labour market, he said.
Anwar added that a road map to transition to cleaner sources of energy will also be announced soon.
During the press conference, the Prime Minister repeatedly emphasised that his administration’s economic policies prioritise aid to middle and lower income groups.
Anwar said that this is seen in the recent announcements to cut subsidies for electricity use among large corporations and wealthy households, and subsidies for the haj pilgrimage for high income Muslims.
“I don’t understand why some people are questioning us on this. We will not compromise on not reducing subsidies for the rakyat. But it does not make sense to continue electricity and haj subsidies that benefit the rich.
He added that a study from the Finance Ministry advisory committee found that at least 40% of all government subsidies are enjoyed by wealthier sections of Malaysian society.
This principle will be used in the administration’s reallocation of other subsidies such as on diesel and petrol which will be announced in due time, he said.
