KOTA KINABALU: Federal spending should be stepped up to stimulate the nation's economy, says former chief minister Datuk Seri Yong Teck Lee.
"Federal spending, particularly on infrastructure projects, should be expedited to provide a vital and long-delayed stimulus to the cash economy," he said in a statement on Monday (Sept 11).
He said prioritising the execution of development projects and the approval of business investments is essential to speed up the overall economic recovery.
Yong, the Sabah Progressive Party (SAPP) president, said the economy is foremost on people's minds.
"It's more fundamental than political rhetoric or things like race, religion and royalty (3R) issues, because families are struggling to stay afloat, especially those still servicing housing and car loans.
"This is a reality confirmed by a recent survey by independent research organisation Ilham Centre last month," he added.
Yong said the latest increase in rice prices added to the long list of financial challenges faced by the lower-income group.
"It's sad that the Malaysian economy and our significant trading partner, China, have not fully recovered from the pandemic, leaving many businesses struggling to make up for their pandemic-induced losses," he said.
He added that Sarawak Premier Tan Sri Abang Johari Tun Openg had also expressed his concerns over Malaysia's inability to focus on economic development because of political bickering in Peninsular Malaysia.
"Abang Johari criticised leaders who exploit divisive issues for political gain while calling for unity to address critical issues and promote national progress despite ongoing political discord," Yong said.
He also noted the lack of investments on Labuan as pointed out by its MP Datuk Suhaili Abdul Rahman.
This had resulted in the free port seeing "a worrisome outflow of young jobseekers" as well as declines in oil and gas activities, tourism and retail businesses on the island over the last 15 years.
Yong, a nominated assemblyman, said Sabahans should participate in and contribute to the Sabah Maju Jaya (SMJ) initiatives.
"Together, we can strengthen our internal resilience during these challenging times," he added.
