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Madani Economy To Boost Malaysian

Economy, Improve Quality Of Life – PM
Anwar
Press Citations | 27 July 2023

KUALA LUMPUR, July 27 (Bernama) – MADANI Economy, the latest economic

framework announced by Prime Minister Datuk Seri Anwar Ibrahim today which
aimed at boosting the Malaysian economy, will have revenue spillover to the
people to enable them to enjoy a better quality of life.

Anwar, who is also Finance Minister, said the announcement on the MADANI
Economy: Empowering the People’ initiave is a comprehensive plan for Malaysia to
address various challenges and issues related to its competitiveness and
investment attractions, as well as outlining actions to address current issues that
affect people's lives.

“It is about elevating the status and dignity of our nation, with two main focuses;
restructuring the economy towards making Malaysia a leading Asian economy,
and ultimately providing the people with the beneRts to enjoy a better quality of
life,” he said at the launched of the initiative here today.

He said the MADANI Economy initiative sets seven key performance indicators as
medium-term targets to be achieved within a period of 10 years.

The seven indicators are Malaysia being in the top 30 of the world’s largest
economies; top 12 in the Global Competitiveness Index; labour income constitutes
45 per cent of total income; women participation in the labour force reaches 60 per
cent; top 25 in Human Development Index; top 25 in Corruption Perception Index;
and Rscal sustainability with a Rscal deRcit of three per cent or lower.

While emphasizing the importance of the equitable distribution of the nation's

future revenues to low and middle-income groups, Anwar said that the economic
structural reforms should aim to create more meaningful job opportunities, ensure
equal opportunities, and establish a social protection network for all.

It is also intended to enable the implementation of healthcare service reforms,

education and human resource reforms, provision of infrastructure and public
transportation, and accessibility to basic facilities and affordable housing for all.

The Prime Minister said the government will also implement policies supporting an
increase in wages relative to Gross Domestic Product (GDP) to reach 45 per cent
to be at par with the rates in developed countries.

Among the efforts towards achieving these goals include a review of the minimum
wage and the introduction of laws that guarantee a conducive work environment
while reducing reliance on low-skilled foreign labour.

“The government intends to implement tiered foreign worker levies, where a

portion of the levy increase will be allocated to automation programmes and
training for local workers,” he said.

Anwar said to ensure social justice and equal opportunities, the government will
prioritise the underprivileged and low-income groups, especially in the provision of
scholarships and full-boarding education.

“I Rrmly believe that only through quality education can the people break free from
the poverty trap,” he said.

He said the government will also implement an industrial policy based on

geography, that is specialising activities and investments according to regions to
reduce the development gap between regions and between developed and less
developed states.

These efforts include developing the Klang Valley to enhance liveability, revitalising
Kuala Lumpur as a modern tourist attraction, and strengthening the development
of Iskandar Malaysia in Johor.

To increase the participation of women in the labour market, Anwar said efforts
will be taken in terms of legislation and regulatory aspects, as well as support
programmes, to encourage mothers to rejoin the workforce, introducing initiatives
related to Care-Economy, including setting up childcare centres (at the workplace).

“Our goal is to increase the women’s participation to up to 60 per cent to be on par

with regional economies,” he said.

Ensuring that the Unity Government will protect all Malaysians, Anwar said that the
government will expand the social protection network to safeguard the people,
namely by expanding the Employees Provident Fund (EPF) and Social Security
Organisation (Socso) contribution to the working-age population in phases,
promoting sustainable retirement savings, and providing social aid through the
Rahmah cash assistance programme.

He said the government also aims to undertake Health Service Reforms through
various initiatives, including targeting Rve per cent of GDP for healthcare
expenditure and optimising the public and private healthcare systems.

Agrming that education is a fundamental right for every citizen, the Prime Minister
said the country's education system needs to be more demand-driven, particularly
by strengthening cooperation with industries and employers, other than providing
lifelong learning pathways for people to acquire any skills they desire to learn,
whether in universities, Technical and Vocational Education and Training (TVET)
institutions, or micro-credentials for speciRc skills.

On infrastructure and public transformation, Anwar said the integration of land

public transportation management aims to optimise all existing assets by focusing
on efforts to build a better public transportation network between and within cities,
as well as improving last-mile connectivity through cost-effective methods,
including the use of electric buses.

To improve the air connectivity network for the people and tourists, the
government also planned to expand the Penang and Subang airports, improve Bus
Rapid Transport in Johor Bahru and LRT in Penang, as well as implement the MRT3
in the Klang Valley.

The government also pledged to ensure that the people, especially in the rural
areas, will enjoy universal access to basic infrastructure, be it water or electricity
supply.

The Prime Minister said his Unity Government is committed to addressing water
supply issues in Kelantan and Sabah and agreed to allocate an additional RM800
million for short-term solutions in both states, apart from expediting the
implementation of jood mitigation projects in Kelantan, Pahang, Selangor and
Johor.

He said the government also heard the grievances of the people regarding the
postponement of their desire to own their Rrst home due to the inability to provide
a house purchase deposit.

“As such, the Government is enhancing the loan scheme under the Housing Credit
Guarantee Corporation (HCGS) by providing Rnancing guarantees of up to 120 per
cent of the house price, valued up to RM300,000,” he said.

Nevertheless, Anwar said this economic framework will only work with the support
and trust of all parties and only through good governance and an egcient service
delivery system can this aspiration be realised.

“Immediate reforms to the structure, systems, and institutions are necessary as

they will drive Malaysia towards its desired goals,” he said.

Bernama

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