Published on: Wednesday, August 06, 2008 |
Kuala Lumpur: The Government is setting up an Economic Council to counter problems arising from inflation and the current slowdown in global economy.
The 40-member Council, which will have on board cabinet ministers as well as representatives from the public and private sector, will play an advisory role in tackling the problems that are affecting the country, Prime Minister Datuk Seri Abdullah Ahmad Badawi said.
Abdullah will chair the council while his deputy Datuk Seri Najib Tun Razak will be the Deputy Chairman.
Among the functions of the Council will be to monitor and analyse developments in the domestic and international economy, come up with strategies to maintain economic growth and encourage both domestic and foreign investments.
The Council will also identify ways to keep in check the inflation situation and plan ways to ensure strong supply of goods following the price rise in oil, commodities and food.
It will also revaluate all measures and system of subsidising and price control to prevent economic hiccups.
The Council will be also formulating a comprehensive social security net to help reduce the impact of inflation and economic slowdown on the lower and middle income groups.
Abdullah said the present economic situation was more difficult and uncertain due to factors like the rise in prices of food and fuel.
This situation warrants the government to come up with special strategies and policies so that the projected economic growth can be maintained while inflation is under control and the people can continue to enjoy a quality life particularly those in the lower income category, he said.
In line with this, the Economic Council will come up with an integrated approach as well as policies capable of overcoming the issues and challenges being faced.
It will also help the government to tighten and coordinate existing policies and procedures to drive economic growth, and face any possible uncertainty at the same time.
The PM said the Council will take over the role played by the Cabinet Committee on Anti Inflation and the Anti Inflation Council to focus on issues brought on by the rise in prices.
Cabinet Ministers on the council will be Tan Sri Muhyiddin Yassin (International Trade and Industry), Tan Sri Nor Mohamed Yakcop (Second Finance Minister), Datuk Mustapa Mohamed (Agriculture and Agro Based Industries), Datuk Ong Tee Keat (Transport).
Others are Datuk Noh Omar (Entrepreneur and Cooperative Development), Datuk Dr S. Subramaniam (Human Resources), Datuk Ahmad Shabery Cheek (Information), Datuk Shahrir Abdul Samad (Domestic Trade and Consumer Affairs), Tan Sri Amirsham A. Aziz (Prime Minister's Department).
Senior government officers will include Chief Secretary to the Government Tan Sri Mohd Sidek Hassan, Bank Negara Governor Tan Sri Dr. Zeti Akhtar Aziz, Secretary General of Treasury Tan Sri Dr Wan Abdul Aziz Abdullah, Director General of the Economic Planning Unit Tan Sri Dr Sulaiman Mahbob, Sabah State Secretary Datuk Sukarti Wakiman and Sarawak State Secretary Datuk Amar Wilson Baya Dandot.
Among the corporate figures will be Public Bank Chairman Tan Sri Thong Yaw Hong, Chairman and CEO of LIN Associates Sdn Bhd Tan Sri Dr Lin See Yan, Chairman and Chief Executive Officer of ISIS Tan Sri Mohamed Jawhar Hassan, Managing Director of Royal Selangor Tan Sri Yong Poh Kon, Managing Director of Khazanah Nasional Bhd Tan Sri Azman Mokhtar.
Other corporate figures include Deputy Executive Chairman of RAM Consultancy Services Sdn Bhd Tan Sri C. Rajandram, members of the Economic Council Working Group Datuk Dr Zainal Aznam Yusof dan Datuk Dr R. Thillainathan, Chairman of Securities Commission Malaysia Datuk Zarinah Anwar and Executive Chairman of Federal Flour Mills Bhd Datuk Oh Siew Nam.
Other members of the council include corporate figures like Managing Director of Kumpulan Felda Datuk Mohd Bakke Salleh, CIMB Chief Executive Datuk Nazir Razak, Executive Chairman of NadiCorp Holding Sdn Bhd Datuk Mohd Nazmi Salleh, Chief Executive of Symphony Group Bhd Datuk Azman Yahya, Managing Director of MRCB Group Sharil Ridza Ridzuan, Managing Director of Ethos and Company Omar Mustapa.
Among academicians and media members on the council are Vice Chancellor of Universiti Kebangsaan Malaysia Prof Datuk Dr Sharifah Hapsah Syed Hassan Shahabuddin, Dean of Univerity Malaya's Faculty of Economics and Administration Datuk Seri Panglima Andrew LT Sheng and BERNAMA Chairman Datuk Seri Panglima Mohd Annuar Zaini.
Also sitting on the council will be President of Pan Malaysia Bus Operator Association Datuk Mohamad Ashfar Mohamad Ali, President of Fomca Datuk Marimuthu Nadason and President of Cuepacs Omar Osman.
Head of the Secretariat for the Economic Council, Datuk Dr K. Govindan will also be a member of the council.
The council will be assisted by a full time secretariat, the Economic Planning Unit.
Other members of the council include corporate figures like Managing Director of Kumpulan Felda Datuk Mohd Bakke Salleh, CIMB Chief Executive Datuk Nazir Razak, Executive Chairman of NadiCorp Holding Sdn Bhd Datuk Mohd Nazmi Salleh, Chief Executive of Symphony Group Bhd Datuk Azman Yahya, Managing Director of MRCB Group Sharil Ridza Ridzuan, Managing Director of Ethos and Company Omar Mustapa.
Among academicians and media members on the council are Vice Chancellor of Universiti Kebangsaan Malaysia Prof Datuk Dr Sharifah Hapsah Syed Hassan Shahabuddin, Dean of Univerity Malaya's Faculty of Economics and Administration Datuk Seri Panglima Andrew LT Sheng and BERNAMA Chairman Datuk Seri Panglima Mohd Annuar Zaini.
Also sitting on the council will be President of Pan Malaysia Bus Operator Association Datuk Mohamad Ashfar Mohamad Ali, President of Fomca Datuk Marimuthu Nadason and President of Cuepacs Omar Osman.
Head of the Secretariat for the Economic Council, Datuk Dr K. Govindan will also be a member of the council.
The council will be assisted by a full time secretariat, the Economic Planning Unit.
Abdullah said the structure and modus operandi of the Economic Council will enable it to function effectively and make fast decisions for speedy follow through.
The council will be assisted by the members of its executive committee (Economic Council Exco).
The Exco, to be chaired by the Prime Minister together with the Deputy Prime Minister as its Deputy Chairman will consider and make decisions related to policies.
The Exco will be assisted by working groups which will identify the various issues including developments in the domestic and international economy, foreign direct investments, domestic investments and the capital market.
Issues to be looked into include the social impact from the slowdown in economy and price fluctuations.
The council's secretariat is expected to work closely with the working groups to analyse and prepare the working papers on policies as well as monitor the progress status of the decisions implemented.
Apart from Abdullah and Najib, members of the Economic Council Exco are Muhyiddin, Nor Mohamed, Mustapa, Ong, Shahrir, Amirsham and Mohd Sidek while ex-officio will be Zeti, Dr Wan Abdul Aziz, Dr Sulaiman and Dr Govindan.
