Financial Institutions: The Foundation Of Nation’s Economic System In Facing Uncertainty From West Asia Crisis -- PM Anwar
KUALA LUMPUR, April 21 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim said the current strength of the country’s financial institutions, which support national aspirations, is seen as the foundation of the national economic system, especially in confronting the uncertainty arising from the West Asia crisis.
Expressing his appreciation, Anwar, who is also the Finance Minister, said Bank Negara Malaysia (BNM) and domestic financial institutions have given their full cooperation in implementing appropriate measures and improving the quality of services to the public.
“I begin by expressing my gratitude because the banks have fully cooperated. We are aware of the issues raised by micro, small and medium enterprises (MSMEs) about loan access. As we know, that record is impressive with an approval rate of around 80 per cent,” he said after chairing a roundtable session with 20 representatives of domestic financial institutions here today.
Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour and the Chief Secretary of the Treasury, Datuk Johan Mahmood Merican, were also present at the roundtable session.
Anwar explained that the government is always alert and prepared to take new measures to protect the country’s economic position and growth due to the impact of the West Asia crisis.
He said any aid or subsidies should be channelled to those truly needing assistance.
“I have learnt from the 1990s crisis and COVID-19 that assistance must be more targeted and precise, not blanket. The aid should only help the groups affected by this crisis, and we should also avoid spending beyond our means.
“Our main challenge (as a government) is to ensure essentials, including fuel, gas, and fertiliser, are sufficient so that growth does not go off course,” said Anwar.
He highlighted that the country’s macroeconomic indicators were also strong in the first quarter of this year, with BNM projecting economic growth between four and five per cent despite the impact of the West Asian crisis.
“This (achievement) is commendable compared to other countries,” he said.
Anwar also reiterated the ringgit’s strong performance compared with other Asian currencies.
The local currency has recorded excellent performance and emerged as the best in Asia for two consecutive years.
The Prime Minister added that all these achievements are due to sound management of national finances and banks, which, in turn, boost investor confidence in Malaysia’s financial system.
-- BERNAMA