Economic Affairs Ministry to provide check and balance for Finance Ministry: Analyst

PETALING JAYA: The Institute for Public Leadership today said portfolio rationalisation between the Economic Affairs and Finance Ministries is to provide a check and balance and avoid cases of financial mismanagement as in the past.
Its president, Datuk Mohd Radzi Abd Latif said being an accountant, Finance Minister, Lim Guan Eng understood the fundamental principals of check and balance, which is the reason he did not protest to the setting up of the other ministry.
"The Finance Ministry is the lead agency for transforming Malaysia to become a global financial marketplace it aspires to be.
"The ministry has a pivotal role to make our stock market one of the most vibrant in Asia, on par with Hong Kong, Singapore and New York.
"The ministry also has a key role in boosting investor confidence and attracting global fund managers to invest in Malaysia," he said.
He said professional finance firms that report to the Finance Ministry can look for guidance and support from the ministry to make Malaysia a resource for experts in cross border mergers, acquisitions and capital fund raising.
He was commenting on a statement by MCA lawmaker, Datuk Seri Wee Ka Siong who said the Finance Minister's role has been reduced to a mere bookkeeper under the newly formed Cabinet.
He said the overlap between the Finance Ministry and Economic Affairs Ministry had resulted in much confusion among the business community.
Mohd Radzi said Lim's leadership was also looked upon to guide Bank Negara to ensure good governance in the banking sector and to plan long term strategies to strengthen the Ringgit.
"Wee is clearly naive on the potential role of the Finance Ministry and still regards it as a mere provider of contracts via GLCs as had been the past practice," he added.