KUALA LUMPUR – The unity government will not hesitate to crack down on those abusing their power to enrich themselves, be they “Tuns or Tan Sris”, Prime Minister Datuk Seri Anwar Ibrahim told a crowd of investors today.
Addressing business players and investors, Anwar, who is also finance minister, said his administration would not be influenced by a person’s power or position.
“We will uphold the highest ethical standards and there will be no room for abuse of power under this administration,” he said in his keynote address at Invest Malaysia 2023 Series 1: Strengthening Resilience and Sustaining Growth here today.
“Whether you are a Tun or Tan Sri, whether you are in this government or the opposition, we will act without fear or favour.”
Anwar did not mention any names.
Recently, however, Malaysian authorities have launched investigations into two prominent individuals.
One is former finance minister Tun Daim Zainuddin, who served during Tun Dr Mahathir Mohamad’s first tenure as prime minister. The 84-year-old Daim is being probed over his wealth after his name appeared in the Pandora Papers.
The other is former prime minister Tan Sri Muhyiddin Yassin who is being investigated over the alleged siphoning of public funds during his time in federal power.
In his speech today, Anwar said though some felt that repeated talk of corruption, ill-gotten gains, and bribery will cast aspersions on Malaysia’s image, the government believed it had to start rebuilding confidence by being honest about existing underlying problems.
“I have said this many times, and I will repeat it here again. This government adopts a zero-tolerance approach towards misconduct and corruption.”
Post-pandemic recovery led to high debt
Anwar also touched on post-pandemic economic recovery measures and large-scale stimulus programmes which drove the country’s 2022 gross domestic product (GDP) growth to 8.7%.
However, the prime minister said this came with a heavy cost – high national debt.
Federal government debt now sits just below 61% of GDP, while the statutory debt limit had been raised twice to 65% during the pandemic.
“Taken together with contingent liabilities, our total debt is RM1.5 trillion, or 81% of GDP.”
He said while the government is not able to address issues concerning the rakyat all at once, it recognises that people of ordinary means are under increasing economic pressure.
He added that sensibly, those in the corridors of power should build, secure, and enable the ladders that would help the nation escape the middle-income trap, and to help those at the very bottom climb out of poverty.
In this regard, he said his recent Budget 2023 has been designed to address these challenges head on – through fiscal reforms, rebuilding the nation’s fiscal buffers, and economic, fiscal, and debt resilience. – The Vibes, March 8, 2023
