Khairy calls for urgent structural reforms to boost financial resources
ILI LIYANA MOKHTAR09 Jun 2023 05:27pm
Former Health Minister Khairy Jamaluddin - FILEPIC
In the midst of a struggling economy and a system in need of repair, the people yearn for an exceptional leader who can architect a path towards a developed country.
With this in mind, UCSI University organised a forum with the central theme of "Designing the Future: What's Next for Malaysia?"
The event showcased the thoughts of two prominent individuals, former Health Minister Khairy Jamaluddin and former Bangi MP Ong Kian Ming.
During the forum, both speakers shared their valuable insights on Malaysia's future trajectory, discussing critical issues and potential pathways for development.
The event provided attendees with an engaging platform to gather knowledge and actively contribute to the ongoing dialogue surrounding the nation's future prospects.
Khairy emphasized the need for swift implementation of three significant structural reforms aimed at enhancing the nation's financial resources.
“These reforms encompass taxation reform, subsidy rationalisation and pension reform,” he said.
Addressing the financial challenges faced by welfare states, Khairy stressed the importance of generating adequate funds.
To achieve this, he proposed the reinstatement of the Goods and Services Tax (GST) as a crucial taxation reform measure.
Khairy highlighted the potential revenue benefits of reintroducing the GST, emphasizing its capacity to contribute to the nation's coffers.
Furthermore, Khairy acknowledged the ongoing efforts by Prime Minister Datuk Seri Anwar Ibrahim in subsidy rationalization.
“The significance of streamlining subsidies to optimize resource allocation it's a step in the right direction towards improving Malaysia's financial stability and resource management,” he said.
Discussing pension reform, Khairy underscored its significance as a substantial fixed expenditure item.
Drawing examples from countries like Singapore, he advocated for transitioning from traditional pension schemes to contribution-based systems such as the Employees Provident Fund (EPF).
“While acknowledging the political challenges associated with this move, the long-term benefits and urged leaders to prioritize the welfare of the people over short-term political considerations.
“If I'm the PM, I'll take the bullet and do it,” he said.
He also suggested the PM to ensure its irreversibility. He emphasized the need for decisive action, emphasizing the long-term financial stability and sustainability it would bring to the country.
Khairy's proposals highlight the urgent need for structural reforms to address Malaysia's financial challenges.
As the nation seeks to bolster its financial resources, the reinstatement of the GST, subsidy rationalization, and pension reform emerge as critical steps towards securing a more sustainable economic future.
While acknowledging the political complexities involved, Khairy emphasizes the importance of prioritizing the well-being of the people in shaping the country's financial policies.
Khairy was also highlighted the significance of having a clear vision for the nation's progress, particularly in light of Najib Razak's involvement in the 1MDB case.
Speaking on the importance of governance, Khairy acknowledged that while Najib's connection to the 1MDB scandal raises concerns, it is essential to recognize his ability to articulate a clear direction for the country's future.
“He might be involved in the1MDB case but he knows where to drive the country,” he said.
Moreover, Khairy shed light on the existing government's struggle to establish a coherent narrative, expressing concerns about the lack of a unified direction.
He underlined that a well-defined narrative is vital to provide clarity and inspire confidence, particularly among the business community.
Khairy further commented on Prime Minister Datuk Seri Anwar Ibrahim's commendable Madani policy, designed to foster societal progress.
However, he noted the policy's limitations in addressing the concerns of businesses due to the lack of a comprehensive narrative that aligns their interests with broader societal objectives.
Recognizing the crucial role of businesses in Malaysia's economic growth, Khairy stressed the need for the current government to prioritize the development of a clear and cohesive narrative.
Such a narrative should not only focus on societal welfare but also create a favorable environment for businesses to flourish, attracting investors and entrepreneurs.
Aa Malaysia strives for progress and stability, Khairy's remarks serve as a reminder of the importance of a well-articulated governance vision.
Simultaneously, the current government must work towards developing a narrative that effectively addresses the concerns of the business community, ensuring a path towards sustainable and inclusive growth.
Former Bangi MP who is also Lim Guan Eng special officer, Dr Ong Kian Ming voiced his support for the Madani government led by Prime Minister Anwar Ibrahim, commending its trajectory and implementation of good policies.
Ong, known for his expertise in economic affairs, emphasized the positive strides made by the government in a variety of areas.
“I'm confident in the Madani government's policies as they are steering the country in the right direction,” he said.
He highlighted the government's emphasis on inclusive economic growth, social welfare and sustainable development as key factors contributing to Malaysia's progress under PM Anwar's leadership.
Speaking specifically about the economic policies, Ong praised the government's efforts in promoting a business-friendly environment while ensuring that the benefits of growth are shared equitably among all segments of society.
He noted the implementation of strategic measures to attract foreign investments, create job opportunities, and stimulate domestic industries.
Ong cited the government's emphasis on innovation, technology adoption, and skills development as crucial components for long-term economic prosperity.
When asked about the challenges ahead, Ong acknowledged that the Madani government faced a complex landscape.
He urged the government to remain vigilant in managing economic risks, fostering a conducive business environment, and addressing income inequality.
Ong highlighted the importance of continuous dialogue and collaboration with various stakeholders to ensure effective policy implementation and gain public trust.
Furthermore, he emphasized the importance of matured politics, particularly during the transition of power from one minister to another.
He urged all political parties and stakeholders to prioritise the smooth and efficient transfer of responsibilities, ensuring continuity and stability in governance.
Ong stressed that a mature and responsible approach to political transitions would help maintain public confidence and prevent disruptions in policy implementation.
He emphasized the need for transparent communication, cooperation, and a focus on the nation's best interests during such transitions.
As Malaysia progresses under the Madani government, Ong's call for mature politics serves as a reminder that a stable political environment is essential for sustained economic growth and social development.
By fostering a culture of responsible governance, Malaysia can navigate political transitions smoothly and continue its path of progress.
Ong further reflected on the previous transition of power in 2018 and highlighted the importance of cooperation during such critical periods.
He recalled the experience of assuming power in that year and expressed gratitude for the assistance provided by Datuk Mustafa Mohamad, the previous minister, in facilitating a smooth transition.
Drawing on this experience, Ong emphasized the significance of maintaining a collaborative approach during ministerial handovers.
He cited Khairy as an example who is the former Science, Technology, and Innovation Minister (MOSTI), who met with Chang Lih Kang, his successor and Dr. Zaliha, the new Health Minister
Ong praised their efforts to establish open lines of communication and exchange knowledge to ensure a seamless transition and uninterrupted implementation of policies.
By sharing these examples, Ong underscored the importance of a cooperative spirit among political leaders, irrespective of party affiliations, during times of transition.
He emphasized that the objective should always be the well-being of the nation and its citizens, transcending individual or party interests.
Ong's remarks serve as a reminder that a collaborative and mature approach to political transitions contributes to effective governance and the continued progress of Malaysia.
It is through such cooperation that the nation can overcome challenges and achieve sustainable development.
During the event, Khairy Jamaluddin also jokingly expressed his intention to establish a new political party, with the aim of shaping the future of Malaysia.
Khairy announced his plans, receiving applause from the attendees. Ong then publicly expressed his desire to join Khairy in this new political venture.
Ong warmly welcomed Khairy's invitation, stating,
“If he (Khairy) is president, I would consider it,” he laughed.
