More Uncertainty Ahead for the Country

A Kadir Jasin

THE GOVERNMENT already has the National Economic Advisory Council. It was one of (Datuk Seri) Mohd Najib Abdul Razak’s earliest transformation initiatives when he became Prime Minister in early 2009.
 

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It was fashioned along the US President's Council of Economic Advisors and its main task then was to formulate a New Economic Model (NEM) “that will transform Malaysia into a high-income economy by 2020.” It was formed in May 2009 and was chaired by (Tan Sri) Amirsham Abdul Aziz, a former banker. He was later made a Senator and Minister.

The Council completed its mandate officially on 31 May 2010. A two-part report was published in March and December 2010 respectively. Implementation of policy measures recommended by the NEAC is undertaken by the relevant government agencies under the coordination of the all powerful Performance Management and Delivery Unit (Pemandu) under the stewardship of a former oil executive, (Datuk Seri) Idris Jala.

There has not been much improvement to economy since the launch of the NEM and it is now in danger of floundering.

Mounting Bad News

As his own leadership is weighted down the 1MDB scandal and the growing evidence of criminal wrongdoings, Mohd Najib formed another economic taskforce.

Ironically this taskforce was formed just days after his administration dismantled the taskforce that was in the midst of investigating the 1MDB scandal.

But it appears that this taskforce isn’t as highly positioned as the NEAC. It only has the status of a committee. This new bureaucratic establishment is called the Special Economic Committee (SEC) and is headed by Senator (Datuk Seri) Abdul Wahid Omar, also a former banker.

Other members in the 10-men committee are former Minister in the Prime Minister's Department in charge of Economic Planning Unit Tan Sri Nor Mohamed Yakcop, Khazanah head Tan Sri Azman Mokhtar, economist Tan Sri Andrew Sheng, Tan Sri Azman Yahya, CIMB Group chairman Datuk Seri Nazir Tun Razak, Datuk Seri Dr K. Govindan, Prof Datuk Dr Noor Azlan Ghazali, Datuk Abdul Farid Alias and Datuk Seri Saw Choo Boon.

I always wonder if bankers make good government economic managers. These are a people of dollar and cents, bottom lines and profits. In the case of Amirsham and Abdul Wahid they were not businessmen. They were executives and had never taken risk with their own money.

It is understandable that Mohd Najib would never think of consulting the gurus like Tun Dr Mahathir Mohamad and Tun Daim Zainuddin but would it not be better for him to consult or be advised by the likes of Robert Kuok, Ananda Krishnan, (Tan Sri) Syed Mokhtar Albukhary, (Tan Sri) Quek Leng Chan, (Tan Sri) Shahril Abdul Kadir and (Tan Sri) Teh Hong Piow as well as experienced former civil servants like (Tan Sri) Mohd Sheriff Mohd Kassim and (Tan Sri) Samsudin Hitam, both of whom were former Treasury Secretary-Generals?

The setting up of the SEC tantamount to an admission that his economic stewardship has failed and he now needs a special team to steer the economy away from the abyss.

More Problems Ahead

Since the time Dr Mahathir took over the Finance Ministry temporarily in 2001, I had been consistently arguing that the Prime Minister should not double as Finance Minister.

What is happening to the country’s economy and financial management under Mohd Najib as the Finance Minister confirmed my fear.

But it would appear that Mohd Najib would rather be advised by the people who are more likely to say “yes sir” to him than by people who are genuinely knowledgeable and would call a spade a spade in his face. It proves yet again the “orang besar” and exclusive nature of his personality. He spoke of inclusiveness yet he is very exclusive in his handling of politics and administration.

His problems are mounting - and so are those of the people. The latest being a report that the Swiss Attorney General had frozen several tens of millions of dollar worth of assets in Swiss banks related to 1MDB probe (Read here).

Back home, he has been ordered by the Kuala Lumpur High Court to file his defence in a suit on the 2013 general election spending brought against him by the PKR. (Read more here).

Still he is not showing any sign of giving up or preparing for an amicable handover. Instead his behaviour suggests that he would rather sink with the pinisi (the Bugis ship) and take everybody down with him.

Malaysians can choose to take him to court via civil suits as the Langkawi Umno member, Anina Saadudin, has done. She wanted Mohd Najib to explain his RM2.6 billion personal account at AmIslamic. But would the court hear the case any time soon? Civil suits could take years before being set for trial. Suits can also be brought against AmIslamic to compel it to reveal details of the account.

But all this will only weaken the Prime Minister further and a lame duck Prime Minister is a bane to all of us, especially in the current economic situation. Even members of his cabinet are talking about trust deficit the country is suffering under his leadership.

Overthrowing PM Not a Crime

One of Mohd Najib’s newly minted ministers (can’t remember who the chap is) had been reported as saying that removing him amounted to brining down the government.

I have no intention of schooling him (or her) in history, but for the benefit of thinking Malaysians I would like to state that rebellion against a Prime Minister is neither a crime nor will it bring down the government.

Take the case of the rebellion against late Dame Margaret Thatcher by her own Conservative Party colleagues in 1990. She was forced to step down as Prime Minister.

The Conservative Party government did not fall. Instead her successor, Chancellor (Finance Minister) John Major, successfully oversaw an upturn in Conservative support and in 1992 the Conservatives won their fourth successive victory.

So if Umno and the BN oust Mohd Najib, the BN remains in power. But if a vote of no confidence succeeds in the Dewan Rakyat, the BN will lose power. Or Umno and the BN can keep Mohd Najib and risk losing power in the coming general elections.

Street protesters have little chance of removing him. Even the confidence vote in the Dewan Rakyat may not happen. The PM may be weak but he still has enough power to hang on to his job. The opposition is not anymore united after the departure of PAS.

In the meantime, we have to be willing to open up our minds to the possibility of having to do the unthinkable, that is to offer him a “safe passage” whereby he resigns and no action will be taken against him for his alleged wrongdoings.

Wallahuaklam.