KUALA LUMPUR – While most may view the latest emergency ordinance as providing room for the abuse of federal and state funds, the provision’s benefit to the nation cannot be ignored, said economists.
They told The Vibes that the law ensures urgent funding required to combat Covid-19 can be expedited.
The monies can also be used for large-scale initiatives that are beneficial to the people and boost investors’ confidence.
However, said the experts, it is a good idea to set up a committee of advisers to screen the potential use of such funds and advise the Yang di-Pertuan Agong on approval.
Universiti Tun Abdul Razak’s Prof Barjoyai Bardai said as the country’s supreme head, the Agong can also compel the government to disclose any use of public funds to ensure checks and balances.
“Although (Parliament) won’t sit for now, we can hope for government transparency via public disclosure.
“This can be initiated by the Agong, who is the head of the executive branch, before any funds are approved for use.
“With the power the government has under the emergency, we can only rely on the Agong to keep an eye on the administration.
“Perhaps, form a committee of advisers to scrutinise bills and spending, so that the country is not taken for a ride.”
He was commenting on the ordinance that gives the prime minister and heads of state governments unfettered access to funds during the emergency period.
Chance to carry out rakyat-centric projects without delay
Barjoyai said the provision provides an opportunity for the government to implement large-scale, people-centric policies and programmes that may have otherwise been rejected.
“This is a rare moment for the government to act for the people.
“They can initiate something substantial and take advantage of the market.
“They can use the funds to help the poor, especially in terms of addressing the inequity in income and wealth distribution.
“For instance, they can create an endowment fund for this purpose.”
Independent economist Baayah Baba holds similar views.
“Now, there will be no delays if the government needs a supplementary budget.
“They can just spend it, but they must ensure it is spent wisely.
"Yes, there may be the temptation (on the part of) certain individuals to misspend or misuse the funds, but if the funds are used appropriately for our economic recovery, then that’s fine.”
On how to ensure checks and balances, she said there is nothing much the public can do, adding that it is a test of the government’s trustworthiness.
Prof Jamal Othman of Universiti Kebangsaan Malaysia believes the use of these funds to curb the spread of Covid-19 is crucial, as it will improve investors’ confidence in the country.
He said he is not too worried about the possibility of Putrajaya abusing the funds for political gain, with the 15th general election speculated to be called this year.
“I believe and expect that there are mechanisms to vet any financing proposals before any decision is made.
“And given past experience, I’d like to think the government realises that the public expects them to demonstrate good behaviour.
“This includes implementing good and sound policies and governance, such as being accountable for major decisions that affect taxpayers’ money and the well-being of the nation.” – The Vibes, April 3, 2021
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