Strengthening Ringgit: MAPIM urges cross-politics support to restore, charge economy
Bernama
24/09/2024
The Malaysian Consultative Council of Islamic Organisations (MAPIM) urges all parties to support efforts to restore the economy. Photo - Facebook/MAPIM
KUALA LUMPUR: The Malaysian Consultative Council of Islamic Organisations (MAPIM), is urging all parties regardless of political ideology to support the MADANI Government's efforts to restore and strengthen the national economy in the current situation where the value of the Ringgit is getting stronger.
Its president, Mohd Azmi Abdul Hamid in a statement today said the Ringgit's position is now one of the most outstanding currencies in the world, compared to major currencies such as the US dollar and Euro.
"According to the analysis of economists, the strengthening of the Ringgit compared to other currencies, including Singapore, gives many advantages to the Malaysian economy, especially on imports. Malaysian companies that deal with foreign business in dollars will get a big relief from the strengthening of the Ringgit," he said.
According to him, the measures taken by the MADANI government such as the rationalization of subsidies and the transition to sustainable employment have had a positive effect on investors, strengthening the value of the Ringgit and proving that Malaysia is capable of moving towards a developed and stable country.
Mohd Azmi said the US Federal Reserve's interest rate drop has an impact on currency exchange for countries in the world based on their respective economies and for Malaysia, the country's economic base is very strong.
He said the political stability under the leadership of Prime Minister Datuk Seri Anwar Ibrahim also increased the confidence of investors to continue investing in this country.
"Therefore, we are calling on all parties, political parties, economists, elected representatives, private sector, civil organisations, religious leaders and scientists, to take the opportunity to work together to help the government continue the process of strengthening the country's sustainable economic growth.
"It is inappropriate for narrow political interests to take precedence over the priority of strengthening the country's economy...Political wisdom and maturity must be in play to ensure Malaysia moves towards a country of excellence," he said.
Meanwhile, he suggested that the government's offer for all opposition MPs to sign a memorandum of understanding should be well received, besides insisting that there should not be anymore finger-pointing and allegations of a cruel MADANI Government.
Mohd Azmi also called on the government to continue mobilising a sustainable economy based on social justice and guaranteeing people's quality of life and food security should be a priority to reduce uncertainty in imports.
He also suggested that involvement in BRICS should be examined to maximise its benefits to the country and that Malaysia should move towards an Islamic economic framework by re-examining currencies that are tied to the world market system which are speculative in nature.
"Although FDI (foreign direct investment) is important, strengthening domestic investment is also necessary and FDI that is bound by trade agreements must ensure that the country's interests are safeguarded and the government must ensure that policies and financial allocations to strengthen domestic industries, especially SMEs, are implemented efficiently and effectively," he said.
-- BERNAMA
