Anwar's glaring omission from the Economic Action Council

Prime Minister Dr Mahathir Mohamad has appointed power packed key figures from the government and private sector to the new Economic Action Council (EAC).

Surprisingly, Anwar Ibrahim – former finance minister, and now leader of PKR, the largest party in the ruling Pakatan Harapan coalition – has been excluded from the 16-member council.

The establishment of the EAC comes amid enduring speculation on whether Anwar will eventually succeed Mahathir as agreed to by Harapan.

It is a powerful entity that will be responsible for drawing up immediate short-term strategies to strengthen economic growth and improve people's welfare.

There is a pressing need for the Harapan administration to fulfil the promises made in its election manifesto, particularly as many Bumiputera are still lagging behind in terms of economic parity with other ethnic groups.

Harapan should also prioritise the bottom 40 percent (B40) income group, who are in dire need of Putrajaya's help. Affirmative action should be taken to assist the poor and the marginalised, regardless of race and religion.

The government today is facing an inefficient tax system, ballooning operating expenditure, less public and private investment, and most importantly, the rising cost of living.

As reducing prices is almost impossible, the most workable solution is to reduce the country's dependency on migrant labour, and increase the wages of hardworking Malaysians.

The people themselves must think of ways to increase their incomes, instead of depending fully on subsidies and federal intervention to control the market.

Strong credentials

The first National Economic Action Council (NEAC) was established in January 1998 to strengthen the country’s economic base due to the Asian financial crisis.

The council was chaired by Mahathir, and it consisted of cabinet members and private sector representatives with economic responsibilities.

Anwar was appointed finance minister in 1991 during Mahathir's first tenure, and served in the post until his ouster in 1998.

In 1993, he was ranked as the world's top four finance ministers by the magazine Euro Money, and named finance minister of the year by Asiamoney three years later.

As deputy prime minister and finance minister at the time, Anwar was selected to chair of the development committee of the World Bank and the International Monetary Fund in 1998.

And during the 1997 Asian financial crisis, he was credited with guiding Malaysia through the instability, and instituted widespread spending cuts.

Anwar earned many accolades, including the title "Asian of the Year" by Newsweek International in 1998.

Even if the composition of the EAC is broad and well-mixed, he has far more global experience than the rest of its members.

Thus, it seems glaringly obvious that he has been sidelined from the council.

Understandably, it is the prerogative of the prime minister to appoint whoever he wants to the council.

Perhaps, there is a valid reason why Anwar was not appointed. Only Mahathir knows his "magic formula."

Nothing can be ruled out when it comes to politics; there are no permanent friends or foes. So anything can happen.

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M VIVEK served as an aide to several former MIC deputy ministers. - Mkini