Despite negative sentiments, gov't making progress on economy - Guan Eng

International credit rating agencies have faith in the Pakatan Harapan administration's handling of the economy and reform efforts, Finance Minister Lim Guan Eng said today.

Referring to the approval ratings released by pollster Merdeka Center suggesting that Malaysians lack faith in the economy, Lim said the people have to endure such hardships now while the government tackles the debt.

He said the national debt was preventing the government from spending on the people, but stressed that it is necessary to bring down the levels of debt racked up by the previous administration before credit ratings take a further hit.

Lim also noted that his recent briefing to credit rating agencies in the US was met with a positive response.

"The foreign community and international fund managers still have confidence that we can turn things around. That's why they maintained our credit rating. 

"When I was in Washington to explain (the situation) to them, they were happy with our explanation," he told reporters in Sandakan.

'The reality we have to deal with'

Recognising that the economy will always be the main issue on voters' minds, Lim nevertheless stressed that the economy will need time to recover from the financial problems brought about, among others, by troubled state fund 1MDB.

"We are not trying to put the blame on someone else, but this is the reality we have to deal with. 

"Look at how much money we've saved from all the megaprojects (approved by the previous administration)," he said.

"Yet, don't forget there are some projects we couldn't save in time. We will pay the price for it. Look at Lembaga Tabung Haji, Felda and 1MDB. That's RM150 billions in losses. When you lose RM150 billion, don't expect a plan without pain.

"But we are making headway. Slowly we are turning things around, and when we can see savings, we will immediately spend it on the people," he added.

According to Merdeka Center, the approval ratings for Prime Minister Dr Mahathir Mohamad and his government fell to 46 percent and 39 percent respectively.

The majority of respondents also said they were not confident with the government's handling of the economy.

Lim disagreed with Mahathir's popularity being on the wane, but stressed that the survey results should not be disregarded.

He said that while it is a good gauge of public sentiment and a reminder for Harapan to work harder, opinion polls can sometimes get things wrong.

"I think Mahathir is the most popular leader among us. So if you ask me, I think sometimes you need to look at surveys objectively.

"Surveys once showed that BN will win easily (during the last general election). But that didn't happen, did it?" - Mkini