Kuala lumpur: Prime Minister Datuk Seri Anwar Ibrahim has declared the robustness of Malaysia's financial institutions as the cornerstone of the nation's economic system, especially in navigating the uncertainties stemming from the ongoing West Asia crisis. As the Finance Minister, Anwar emphasized the critical role these institutions play in supporting national aspirations and maintaining economic stability.
According to BERNAMA News Agency, Prime Minister Anwar expressed his gratitude for the full cooperation from Bank Negara Malaysia (BNM) and other domestic financial institutions. These organizations have been instrumental in implementing measures that enhance service quality for the public. Anwar highlighted the impressive loan approval rate of around 80 percent for micro, small, and medium enterprises (MSMEs), acknowledging the concerns raised by these businesses regarding access to loans.
During a roundtable session attended by 20 representatives from domestic financial institutions, including BNM Governor Datuk Seri Abdul Rasheed Ghaffour and Chief Secretary of the Treasury Datuk Johan Mahmood Merican, Anwar reiterated the government's commitment to taking proactive measures to safeguard the country's economic growth in light of the West Asia crisis.
Anwar stressed the importance of targeted aid and subsidies, drawing lessons from past crises, such as the 1990s financial turmoil and the COVID-19 pandemic. He underscored the necessity of directing assistance to vulnerable groups without overspending, ensuring the availability of essentials like fuel, gas, and fertilizers to maintain economic growth.
The Prime Minister also pointed to strong macroeconomic indicators in the first quarter, with BNM projecting a growth rate between four and five percent despite the West Asian crisis. He commended this achievement as remarkable compared to other nations.
Furthermore, Anwar highlighted the ringgit's strong performance against other Asian currencies, noting its status as the best-performing currency in Asia for two consecutive years. He attributed these accomplishments to prudent management of national finances and banking systems, which have bolstered investor confidence in Malaysia's financial landscape.