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Rectify Weaknesses in the Malaysian Financial Architecture Statement by Dr Tan Seng Giaw, DAP national Vice-Chairman and MP for Kepong on the flaws and risks with the economic recovery as enunciated by the Prime Minister Dato' Seri Dr Mahathir Mohamad on 28 August 1999. | |||||||
| It is correct to avoid being subjugated by such organizations as the International Monetary Fund, IMF (which also needs reform). While we strive to overcome the crisis by ourselves, we have to look at the various weaknesses in our financial system. True, the architecture of the world financial system must be changed so that weaker nations will not be harmed by unscrupupous speculators. But, our own financial system has many flaws such as corruption, favouritism, wastage, discrepancy between words and deeds, and inefficient management. Yesterday, Dr Mahathir commented on the return of business, investor and consumer confidence, saying that we had emerged from the woods but we were not yet out of the woods. We were still vulnerable. The risks were there. Many sectors such as retailing are still waiting for the signs of economic recovery. Some | |
say that it is like recovering from sickness. It takes time. How long? Meanwhile, the Prime Minister would like to see a change in the international financial architecture. We should try our best to strive for this. On the other hand, we should not overlook our own financial architecture. With a sound financial architecture, we would able to see true economic recovery and to endeavour to prevent future crises. Similarly, the Government justifies its existence by highlighting only good news, sweeping the bad news under the carpet. This includes the handing out of largess on the eve of general elections. Such type of justifications may be good for self-agrandisement. It does not improve business, investor and consumer confidence. These people realize that the mass media are constrained, playing to the tune of the Barisan Nasional Government.
Dr Tan Seng Giaw | |||||
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