IT is not true that a nationwide state of emergency will frighten away investors, said Finance Minister Tengku Zafrul Abdul Aziz.

The finance minister said Malaysia was one of 80 countries that made such a move to battle Covid-19.

“As I’ve said, public health is key to economic recovery. I would like to clarify that whatever decision made during this period needs to have the consent of the Yang di-Pertuan Agong or someone appointed by His Majesty,” he said during a special briefing on the RM15 billion Malaysian Economic and Rakyat’s Protection Assistance Package (PERMAI) in Putrajaya today.

The aid package, which was announced yesterday by Prime Minister Muhyiddin Yassin, comprises 22 initiatives to combat Covi\d-19, safeguard the people’s welfare and ensure continuity of businesses.

On January 12, the Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, consented to the proclamation of the nationwide state of emergency, which would be in force until August 1.

Tengku Zafrul said the government was ensuring checks and balances through an independent task force consisting of representatives from the government and the opposition as well as experts who could advise His Majesty if the emergency period could be ended.

The government had proven that it was constantly in discussions with the private sector, the minister said, adding that this was the time for both sides to be united and cooperate with each other to get the country back on track for a sustainable economic recovery.

“Now is a good time for better public-private partnership. We could see that following the emergency declaration, our capital markets have been stable.

“In early January, we had a net foreign inflow in the stock market. Before that, December (2020) marked the eighth consecutive month of bond market foreign inflow. The ringgit is still at a multi-year high against the US dollar,” he noted.

Tengku Zafrul said he believed investor confidence was still there. 

“I assure that we will do the right thing – which is to provide a balance between protecting lives and livelihoods,” he said.

He said there had been various incentives announced by the government under the National Economic Recovery Plan and Budget 2021 to attract investments, including a RM15 billion allocation for major infrastructure projects and an additional RM2.7 billion allocation for rural infrastructure projects.

“Ultimately, our economic recovery path hinges on curbing Covid-19. We are taking the necessary steps with strict standard operating procedures. The vaccine roll-out this quarter will support this case,” he added. – Bernama, January 19, 2021.