IMF supportive of M'sia's currency move, says Najib
Published on: Tuesday, November 22, 2016
LIMA (Peru): The International Monetary Fund (IMF), supportive of Malaysia's currency move, has acknowledged that the ringgit's current volatile movement is beyond the country's control.IMF Managing Director Christine Lagarde conveyed her views on the matter to Prime Minister Datuk Seri Najib Tun Razak during an unofficial dialogue held on the sidelines of the Apec Economic Leaders Meeting on Sunday."She (Lagarde) is supportive of Malaysia 'floating the currency as the best line of defence' as the ringgit's movement were 'beyond our control", the prime minister told Malaysian journalists after the Apec Leaders Meeting.
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As for US-Apec Business Coalition meeting, he said Moody's (representative) was present but the credit rating official did not say that Malaysia was in a state of emergency. "Hence, if people say Malaysia is in a state of emergency, it is just politically motivated," he added. Meanwhile, leaders of Apec, including Malaysia, are united in their call in urging grouping to stay true to its aims and core values, in opposing growing anti-free trade and anti-globalisation tendencies.Najib said the leaders, gathered here for the Apec Economic Leaders Meeting, agreed to strengthen the organisation's core formation values, namely fighting for openness, cooperation and liberalisation.
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He said the Apec meeting took into consideration the conditions in many countries, particularly in developed nations, where the voices calling for opposition to free trade was getting louder."Apec is of the view that it needs to battle these elements and not just simply yield to those forces of anti-globalisation or anti-free trade," he said.
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Najib said free trade was an important principle that can generate wealth and lead to an increase in jobs to benefit the people."This message is important for Apec to absorb not just in respect of its policies, but that it is ultimately an effort to bring about benefits for the people," he added.Formed in 1989, Apec, is an economic, trade and investment forum embracing 21 Pacific Rim countries. They are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam.Najib said apart from sending a clear message on the core value stance of APEC, the domestic policies of member countries also needs to be adjusted, so that no one is left impacted or marginalised as a result of the globalisation process.Stay up-to-date by following Daily Express’s Telegram channel.
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