As ringgit dives, Muhyiddin says PM more focused on own survival

 

Former premier Muhyiddin Yassin has taken aim at Prime Minister Anwar Ibrahim’s government, citing record low currency exchange levels and lower-than-expected gross domestic product (GDP) growth.

In a statement today, the Bersatu president said the people’s lives are getting harder under Anwar and that the prime minister appeared to be more determined to secure his political future than improving the lives of people.

“It’s been more than a year since the Madani government took over and people’s lives are getting harder.

“So far I don’t see the prime minister being able to provide a complete solution to the people’s problems, which are getting worse.

“He seems to be more busy making sure that his political enemies are suppressed than focusing on solving the people’s problems,” said Muhyiddin, whose own term as prime minister coincided with the Covid-19 pandemic-related recession.

He said the ringgit yesterday fell to its lowest level in 26 years - 4.728 against the US dollar - and Malaysia’s GDP last year only grew at a rate of 3.8 percent, failing to reach the 4-5 percent target previously projected.

Burdensome taxes

“Malaysia’s trade volume also continued to plummet in December last year when it recorded a decline for the 10th consecutive month since March 2023. The country’s trade volume in December 2023 decreased 4.3 percent to RM225.1 billion, against RM231 billion in the previous year.

“From this year, the people will be increasingly burdened with the increase in the sales and service tax and new taxes such as the high-value goods tax at a rate of between five and 10 percent and the low-value goods tax sold online at a rate of 10 percent,” Muhyiddin said.

Other factors such as the increase in electricity tariffs starting this month and the withdrawal of bulk subsidies this year will also have a direct impact on the higher cost of living, the Pagoh MP added.

Muhyiddin also claimed the government had failed to fulfil its goal of targeting poverty eradication.

“In addition, people’s complaints about the lack of local rice in the market that have been going on for a long time but seem to be ignored by the government.

“My survey in several places found that people still find it difficult to get local rice even though 70 percent of the rice supply is supposed to be local.

“Although the government is proud of the declining inflation rate, it does not mean anything because the decrease in the inflation rate is due to weak demand and the people’s purchasing power decreasing,” he added.