Govt introduces policies, strategies to achieve Madani economy aspirations

 

PARLIAMENT | The 12th Malaysia Plan (12MP) mid-term review undertaken by the unity government is not a usual approach to assessing the country’s five-year development plan. Instead, it encompasses new policies and strategies to address current challenges.

Prime Minister Anwar Ibrahim said the review has been realigned with the aspiration and vision of the Madani economy, which he presented on July 27.

This is to boost Malaysia’s economy for a ten-year period and promote national development while enhancing the quality of life for the people.

“The nation is at a crossroads, whether to maintain old policies and strategies or to undertake reform. This reform must encompass a framework for improving governance, policy shifts, and introducing new strategies and approaches in line with current demands,” he said.

In tabling the 12MP mid-term review at the Dewan Rakyat today, the prime minister said a clear and comprehensive shift is needed by the unity government, which he has led since December 2022, to bring Malaysia back on the right track to proper economic growth.

Anwar said the new approaches and strategies are necessary following political instability and the Covid-19 pandemic which began in early 2020, leading to job losses, economic growth decline and a drop in foreign investment.

To meet the needs of financing the people's priority areas, improving management quality, and establishing targeted subsidies to support the population's basic needs, the government will allocate an additional RM15 billion.

This is while fully utilising the RM400 billion allocation under the 12MP, bringing the total to RM415 billion.

17 measures

Themed “Malaysia Madani: Sustainable, Prosperous, High-Income”, the 12MP mid-term review introduces 17 measures covering 71 main strategies and initiatives.

It will serve as the primary catalyst in accelerating the efforts to reform the nation's socioeconomic development in line with the Malaysia Madani aspiration.

Anwar, who is also the finance minister, said these measures commence with eradicating hardcore poverty, addressing fundamental infrastructure and the people's basic needs.

It includes improving schools and underprivileged clinics, ensuring a clean water supply, and advancing the Islamic economy.

“In eradicating hardcore poverty, InsyaAllah we will achieve significant success by the end of this year,” he said.

He added that the 12MP comprehensively reviews policies, strategies, and objectives.

It also takes into account urban-rural development disparities, existing wealth disparities, growing debt, fiscal constraints, and the gradual economic structural transition.

- Bernama