A Kadir Jasin
بِسْمِ اللهِ الرَّحْمٰنِ الرَّحِيْمِ "In the name of
God, the Most Gracious, the Most Merciful".
LATEST, 16 Sept - Body is that of Kevin Morais, confirm police. SUBANG JAYA: The body of deputy public prosecutor Kevin
Morais has been found, and seven people have been arrested, including an
army medical officer. - The Star Online
SUBANG JAYA: The
special CID task force investigating the abduction of DPP Anthony Kevin
Morais came upon a major lead early Wednesday.
It
is learnt an oil drum filled with cement said to contain a body was found in a
swamp area opposite SK Chee Wen in USJ 1 in Subang Jaya. Fire and Rescue
Department staff are now trying to cut open the drum.
Sources
revealed that the task force has been probing the area since 6am Wednesday. –
The Star Online.
ORIGINAL POST
 |
| Can cheery Abdul Wahid perk up the economy? |
I WISH I could have the same measure of enthusiasm, joy and
confidence about the economy as is so animatedly shown by economy minister,
(Datuk Seri) Abdul Wahid Omar, in the above picture.
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Abdul Wahid who is the chairman of the recently established Special Economic Committee appears to be full of confidence that the
economy is better than what we are saying and experiencing.
Abdul Wahid is a good man and was a good business executive
before the Prime Minister (Datuk Seri) Mohd Najib Abdul Razak brought him into the cabinet soon after the 2013 general elections.
He could have become a good economic minister had the
circumstances been different – like Tun Daim Zainuddin under Tun Dr Mahathir
Mohamad and Tunku Razaleigh Hamzah under Tun Hussein Onn.
But he isn’t that lucky. Like other well-meaning people who
came forward to serve the present government, Abdul Wahid has been tainted by
the 1MDB scandal and the leadership crisis that it spawned.
Today, a lot of people who are involved in the economy or
who are informed about it have lost confidence in the way it is being managed
or the lack of it. Official assurances have failed to assuage their concern.
As recently as Aug.8, Abdul Wahid was reported as
saying that “the weakening of the ringgit does not reflect the country’s current
economic fundamentals”, adding that the banking system was sound, economic
activities “still” intact and country was on track to achieve a Gross
Domestic Product growth of between 4.5% and 5.5%.
He went on to compare the present situation to that
of the 1997/98 Asian Financial Crises. Then he said, many factors affected the
country’s economic performance including a trade deficit, reserves falling
below US$30 billion and a high gearing level among companies, with some
exposed to foreign currency borrowings.
He
Spoke Too Soon
When Abdul Wahid made that statement, the ringgit was
hovering at around RM3.9220 to a dollar. Now it well above the psychological
barrier of RM4 and the critical Bank Negara foreign reserves had fallen below
US$100 billion – the lowest in five years. The ringgit closed at RM3.290
against the dollar on Friday.
Surely he knows that the famous RM42-billion 1MDB debt could have risen to as much as RM50 billion now due to the depreciation of the ringgit. A larger portion of 1MDB's debt is denominated in US dollar.
It takes more than Abdul Wahid’s animated enthusiasm and the
formation of the SEC to fix the economy and bring back confidence.
The 1MDB crisis and Mohd Najib’s multi-billion ringgit
private accounts have caused informed people to lose confidence and trust in
him.
Consider the following:
1. We are in a dire need of a credible, trustworthy and
trusted government. We may have that if Abdul Wahid is the Prime Minister. But
sadly he is not.
2. The ringgit is in a state of freefall. It has fallen to as low as RM4.39 to a dollar. Clearly attempts of
the past several months to halt its slide via foreign exchange intervention by
Bank Negara had not succeeded. The ringgit continues to weaken and Bank
Negara’s reserves fell drastically. As a former banker, surely Abdul Wahid knows that the lower the reserves, the weaker the
ringgit becomes.
3. Abdul Wahid and his team can burn the midnight candle, but
the informed public and the investors are more likely to be looking at
lighthouse. Unfortunately the lighthouse is not shinning brightly
either and the base is in darkness. In that state, not only our economy is in
danger of floundering but also the whole country could sink.
4. I am not being an alarmist and a prophet of doom. I don’t
have to. What we fear is already happening. Consumer prices have risen.
Consumers confidence is falling. Businesses are cutting costs by closing down
branches, letting go of staff and reducing overtime and cutting back on
recruitment.
5.
The June consumer price index (CPI) rose 2.5% from a year earlier due mainly to
costlier food, alcoholic beverages, tobacco and health care. The falling
ringgit and the GST were the culprits. On July 2, The Star reported that the
Malaysia Retailers Association (MRA) had lowered the projected retail sales
growth rate for the current year for the third time from 4.9% to 4.0% as
consumers hold back spending due to higher costs of living, a weak ringgit and
higher cost of doing business.
What Is Ahmad Zahid’s Role?
This brings me to the question of
what really is the role of the newly appointed Deputy Prime Minister, (Datuk
Seri) Ahmad Zahid Hamidi.
[I thank him for showing
camaraderie during the Sept. 10 Tokoh Wartawan Negara award ceremony in Kuala
Lumpur. But he needs more than just goodwill and charm to make his mark as the country’s
new Deputy Prime Minister.]
If he was appointed to replace
(Tan Sri) Muhyiddin Mohd Yassin in order to strengthen Umno and the government
and not merely to prop up Mohd Najib, he must do a couple of things:
1. He must prove that he is capable
of bringing back credibility and trustworthiness to the government.
2. He must show that his years as
a banker and a successful business executive had earned him the stripes needed
to participate in managing the economy.
3. He has to tamper his “political
animal” image with a more smoothening temperament of a DPM and national leader.
4. As Home Minister, he must
realise that deporting and seeking arrest of foreign journalists who write
negative things about the country do not help to convince the world that we are
a democratic, civilized and moderate country. It does not help convince
visitors and investors that we are a safe place to be.
5. He must admit that whatever
political narrative that Mohd Najib uses to justify the 1MDB's existence and his
billion ringgit political funds, the company is a good example of bad corporate
governance – flouting so many rules, regulations and standards.
6. Investigations by monetary authorities in Singapore,
Switzerland and Hong Kong against 1MDB and the freezing of bank accounts
associated with the company cast aspersion on our integrity and dependability
as an investment destination.
What is Ahmad Zahid Priority?
I would like to assume that Ahmad Zahid acknowledges that
saving the economy is as much his priority as showing undivided loyalty to Mohd
Najib.
He could very well be holding the key to the survival of not
only Umno, but also the entire nation. It may sound like an overstatement, but
may not be far from the truth.
Who else after Mohd Najib if not him? Muhyiddin might have
blown his chances by being indecisive and Tengku Razaleigh Hamzah might not be
going anywhere with the unity government proposal. Mohd Najib might never be
toppled in a no-confidence vote in the Dewan Rakyat.
Members of the Umno inner circle, either out of altruism or
selfishness, have clearly bought into the story that 1MDB is the party’s
goose that lays the golden egg - the new way for Umno to raise funds.
They had been told that their President does not want Umno
to depend on Malay, Chinese and Indian tycoons for donations. But it’s still
okay to accept RM2.6-billion “sadakah” (donations) from some wealthy Arabs!
But that story does not find credibility with the majority
of informed Malaysians and has become a favourite joke around the world.
Thus it hard to sell the story that the economy is being
managed well when the principal bearer of the message – the Prime Minister - is
suffering from an acute case of trust deficit.
The news has it that he will soon announce a new economic
recovery package based on the recommendations of the Abdul Wahid’s committee has largely been discounted.
FOOTNOTE: Now that Mohd Najib aka the Bugis Warrior is in a war mode, I
suggest that he moves from the Bugis pinisi to a Bugis jajab – the Bugis warship.
Walahuaklam.