We want to reduce debt and maintain growth, Eminent Persons assure investors

KUALA LUMPUR: Former finance minister Tun Daim Zainuddin, who is now part of the five-member Council of Eminent Persons under the new Pakatan Harapan (PH) government, has assured investors and fund managers that they are going to address all the problems affecting the country’s economy and are not going to increase the debt.
“There is no reason to put the economy into a state that is much worse (than before),” he told Bernama after chairing a meeting late Saturday night with other members of the team.
Daim was responding a question on investor jitters over the impact on the ringgit and stock market following the surprise win by PH in the 14th general election which saw the fall of the Barisan Nasional.
He pointed out that investors were more concerned on the proposed removal of the Goods and Services Tax (GST), which they said would likely impact government revenue and in turn widen the fiscal deficit.
“We are not going to increase the debt anymore. We are not stupid.
“This is a lot of speculation, unnecessary fear. This is a normal reaction when a new government takes over,” he said.
Daim assured investors that the team has experts who can handle this issue.
“For 57 years there was no GST and there was no problem,” he pointed out.
The important thing is to get rid of corruption, Daim stressed.
Present at the meeting were three other members of the team – former Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz, former Petronas president and CEO Tan Sri Mohd Hassan Marican and economist Prof Jomo Kwame Sundaram. Tycoon Tan Sri Robert Kuok, the other member of the team, was not present as he is currently overseas.
Newly elected Prime Minister Tun Dr Mahathir Mohamad on Saturday announced the setting up of the team which, among others, will assist the new government in implementing its 100-day promises as spelled out in Pakatan Harapan’s manifesto.