"Dr. Mahathir is only attempting to gain political capital," says expert

SHAH ALAM - Former Prime Minister Tun Dr Mahathir Mohamed is only attempting to gain political capital by portraying the government as inept in handling the economic situation of the country and the depreciation of the ringgit.

According to Universiti Malaya (UM) Faculty of Business and Economics Honorary Professor Dr Mohd Nazari Ismail said currently the government can do much to remedy the fall of the ringgit due to external variables such as China's economy and US interest rates.

" He is trying very hard to make the government look bad and incompetent when actually there is nothing much that can be done," he told Sinar Daily when contacted yesterday.

Meanwhile, Bank Muamalat Malaysia Bhd Chief Economist and Social Finance Head Dr Mohd Afzanizam Abdul Rashid said he was of the opinion that Bank Negara Malaysia (BNM) is well-equipped to handle the current economic situation and has a deeper understanding of Malaysia's financial infrastructure.

"BNM's contribution during the Asia Financial Crisis of 1997 was critical in supporting the economic recovery without the assistance of the

International Monetary Fund (IMF) and World Bank," he said

As for Malaysia University of Science and Technology (MUST) Provost for Research and Innovation Professor Geoffrey Williams, Malaysia's current economic status is nowhere near that of the 1997 Asian financial crisis.

Contrary to popular belief, the short-term economic position is extremely stable, he added.

"Long-term structural issues that have developed through many decades and numerous governments must now be addressed.

"These are new challenges that necessitate new thinking rather than the same old notions from the past.

"I agree that specialists from many views should be consulted, but not those who were previously responsible for the problems," he said

These economists were responding to a statement made by Dr Mahathir recently, where he advised the government to seek the advice of experienced professionals, particularly those involved in saving the country during the Asian financial crisis in 1997.