Kuala lumpur: The government will prioritize efforts to maintain economic stability, mitigate the impact on the cost of living, and ensure the domestic economy continues to function well in the wake of current geopolitical challenges and global economic uncertainties. Economy Minister Akmal Nasrullah Mohd Nasir said conflicts in West Asia could disrupt the stability of global energy supply and international trade flows, triggering commodity price shocks.
According to BERNAMA News Agency, Akmal Nasrullah emphasized that these challenges should not be viewed merely as risks but as opportunities for Malaysia to strengthen economic resilience and restructure the economy around value creation. He highlighted the importance of the 13th Malaysia Plan (13MP) as a key instrument for driving reform and ensuring sustainable well-being for the people. This was conveyed during the launch of the MyRMK System, which is designed to monitor the implementation of the 13MP.
Akmal Nasrullah detailed that improvements in the inter-agency planning group's role would now include policy implementation and monitoring, moving beyond just planning. The MyRMK system is set to play a crucial role in enhancing governance by integrating monitoring of implementation information, financial performance, output achievement, and issue status across ministries and agencies.
He further explained that the government aims to monitor the 13MP through both system-based monitoring, utilizing MyRMK and real-time data integration, and field-based monitoring, involving management engagement sessions and site visits. This dual approach is critical for addressing real-world constraints that may not be apparent on paper.
Speaking after the launch, Akmal Nasrullah expressed concerns that the ongoing conflict in West Asia is unlikely to end soon and that even post-conflict, the global economic recovery will take time. The Ministry of Economy is vigilantly monitoring key indicators such as inflation rates, supply chain stability, and rising global transportation costs.
He noted that relevant ministries, including the Ministry of Finance and the Ministry of Domestic Trade and Cost of Living, are tasked with implementing operational-level mitigation measures, while the Ministry of Economy maintains a broader macroeconomic perspective. A special Cabinet meeting is scheduled to review the current developments and their economic impacts, following initial discussions with several ministries.
Prime Minister Datuk Seri Anwar Ibrahim stated at a recent press conference that a special committee has been established to assess the economic consequences of the conflict between the United States and Iran. This committee is chaired by Finance Minister II Datuk Seri Amir Hamzah Azizan, who will work alongside the Economy Minister and other relevant officials.