KUALA LUMPUR: The government will leverage on Malaysia’s strong economic fundamentals to prosper and return the country to its glory days within the first three years of administration, despite domestic and external challenges.
The Ministry of Finance’s Economic Outlook 2019 said in consonance with the mid-term review of the 11th Malaysia Plan, the immediate focus was on restoring trust in the government, creating an entrepreneurial state and prospering the people. In restoring trust, the government realised that it had a clean slate to write a new chapter in the management of the country.
“Efforts will be intensified to overcome the trust deficit in the government among the people, professionals, private and the public,” the report said. The immediate focus will be on addressing all policies and structural issues that have hindered the nation from progressing further. The principles of competency, accountability and transparency (CAT) will be adopted across all levels of the government.
The report said the 2019 Budget would introduce several measures to strengthen governance, enhance revenue base, improve fiscal management and government procurement as well as realign the roles of government-linked companies (GLCs). Ministries and agencies will be streamlined to avoid duplication of roles and functions.
The Malaysia Incorporated Policy will be reintroduced as part of efforts to promote an entrepreneurial state. The report said this was in line with the government’s new approach to stimulating entrepreneurship and encourage private sector participation in economic activities and overall development.
“The policy will create an atmosphere of trust and accessibility between people, professionals, private and public to operate within the concept of a Malaysian company.” It added that the policy was expected to jump-start a new version of the public private partnership (PPP) in promoting investment and entrepreneurship in the country.
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