Tuesday, June 22, 2010

NEP's Time Is Over

Pakatan, BN MPs back Nazir’s NEP remarks
By Shazwan Mustafa Kamal June 21, 2010

Nazir yesterday called for a review of the NEP, saying that the policy has been unfair to the majority of Malays.

KUALA LUMPUR, June 21 — Lawmakers from the opposition and ruling coalition were in rare unison today, agreeing with CIMB chief Datuk Seri Nazir Razak’s assessment that the New Economic Policy (NEP) had only benefited a minority of Malays, and providing the prime minister backing for his reform agenda.

Members from both sides of the political spectrum argued that the inclusiveness of the New Economic Model (NEM) was the only solution to the NEP’s shortcomings, while pointing out that Datuk Seri Najib Razak’s concessions to conservative critics contained in his Tenth Malaysia Plan (10MP) speech recently was a step backwards.

“They took a step forward with NEM, but are taking two steps back with 10MP. Disappointing move. Corporate figures like Nazir have seen it and he was disappointed.

“Being a top banker in the country he must have received plenty of feedback from the financial and corporate community on what they thought of 10MP.

“He was voicing out the fact that he has received negative feedback about 10MP, the disappointment in business community leaders in winding back proposed reforms in NEM,” said Petaling Jaya Utara MP Tony Pua.

Pua argued that the 10MP had abandoned the ideals of the NEM, and only reinforced the NEP.

“I think Najib should ironically do another flip-flop, re-emphasise that the government is fully behind NEM... (They) should not fall back on 10MP,” Pua told The Malaysian Insider.

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1 comment:

Anonymous said...

The NEP should have ended in the late 1980s when it peaked in productivity. That would have been optimal. But it basically ran out of steam by the end of 1990s and we stop being able to afford it dipping into our reserves to pay for it.

What appear to be OK with economic growth still in in reality actually paid for by borrowing or selling our assets, living beyond our means.