PARLIAMENT | While stressing the government is not at fault for the poor ringgit performance, a PKR MP cautioned the nation’s economy will suffer if the local note rises above RM5 against the US dollar.
Subang MP Wong Chen said although it is not the government’s fault, it still needs to prepare appropriate measures.
“We have to be ready to defend the line, (do) not let the RM5 psychological mark be breached.
“If we let it pass the RM5 mark, it will lead to a severe economic spiral for everyone,” he said during the debate of the king’s speech at the Dewan Rakyat today.
Sliding since 1980s
Wong added that the ringgit had fallen since the 1980s compared to the US and Singapore dollars even though the government recorded a trade surplus.
“The declining ringgit is not the fault of the Madani government alone. It has only been a government for a year.
“This is a decade-old problem of crony capitalism that has reached a critical situation.
“The government no longer has an excuse. A 100 percent reform is the only solution,” he added.
He also proposed two short-term solutions to overcome the issue of ringgit depreciation.
“First, instruct all government-linked companies and government-linked investment companies to bring back national equity and assets from abroad.
“The government needs to encourage high net worth resident investors to migrate to Malaysia.
“We need to provide a platform for them to invest and immigrate to Malaysia. This means efficient and clear immigration regulations in addition to no corruption in their system,” he added.
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