KUALA LUMPUR – The Pakatan Harapan presidential council has proposed for a no-confidence vote to be tabled in Parliament against the Perikatan Nasional government following the recent Fitch Ratings downgrade from AAA- to BBB+ for Malaysia.
In a statement today, the council said the downgrade was a huge slap to the government and Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz.
“It shows the failure of the government in its policy planning and governance, which is an extension of the ongoing political uncertainty since the change of government in March.
“The impact of this downgrade on the national economy has yet to be determined to the fullest extent, yet what is clear is that steps taken by the finance minister has failed to boost confidence, leading to the serious decline in ratings.”
The council also said Prime Minister Tan Sri Muhyiddin Yassin should uphold the principles of transparency and good governance by implementing measures such as open tenders and appointing professionals, instead of politicians into government-linked companies, among others.
“Unfortunately, this is not the case under the existing administration.”
The council called on the government to expedite and prioritise the motion of no confidence brought by MPs during the Dewan Rakyat session, which will sit until December 17 to put an end to the political uncertainty, restore economic growth and boost confidence in the country’s administration
On December 4, Fitch Ratings in its report on the downgrade said the revision was primarily driven by the negative impact of the Covid-19 pandemic on Malaysia’s fiscal position and the ongoing domestic political situation. – The Vibes, December 7, 2020
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