Stability from cooperation pact will allow focus on economy: Zahid

KUALA LUMPUR – The cooperation agreement signed by five political entities to formalise the establishment of the unity government is a long-term initiative to ensure political stability and focus on economic recovery efforts, said Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.

He said the government needed to urgently focus on economic matters to prepare for challenges next year when the world economy was forecast to slow down.

He said urgent focus on the economy is required to prepare for the forecasted global economic slowdown next year.

The World Bank had predicted that aggressive interest rate hikes to be adopted by several countries would cause demand to shrink and lead to a global economic downturn next year, he said in his Facebook post today. 

“So the unity government’s focus on tackling various challenges in economic and financial management should take priority over constant politicking.

“A five-year period is not a long time for rejuvenating the country’s economy. So, a calm political environment during this period is vital to enable Malaysians to be together with the government to build a better country and regain the respect of the world,” said the Umno president. 

Yesterday, Pakatan Harapan (PH), Barisan Nasional (BN), Gabungan Parti Sarawak (GPS), Gabungan Rakyat Sabah (GRS), and Warisan signed the cooperation agreement in Putrajaya.

It was signed by the secretaries-general of the parties concerned – Datuk Seri Saifuddin Nasution Ismail of PH, Datuk Seri Zambry Abdul Kadir (BN), Datuk Masidi Manjun (GRS), Datuk Seri Alexander Nanta Linggi (GPS), and Datuk Loretto Padua Jr (Warisan), witnessed by their respective chairmen.

Meanwhile, Zahid said the government’s move to ensure no hike in electricity tariffs, as announced by Prime Minister Datuk Seri Anwar Ibrahim on Wednesday, was part of efforts to check the rise in prices of goods and services.

He said it showed the government’s commitment to looking after the people’s welfare and well-being.

“Many more initiatives to help reduce the potential for hikes in prices of goods and services are expected to be announced.

“All these efforts need careful studies and focus to ensure the best results for the people,” he added. – Bernama, December 17, 2022