PUTRAJAYA — August 26, 2015: Prime Minister Datuk Seri Najib Tun Razak today unveiled the structure and functions of the Special Economic Committee (SEC) which will consider immediate and medium-term planning to further strengthen the country’s economic fundamentals.
The will report directly to Najib, who is also finance minister, and he would scrutinise current issues like the ringgit’s value, maintaining the stability of the financial industry as well as improving confidence in the capital markets.
Najib said the setting up of SEC took into account the current situation to tackle and reduce any global impact on the country’s economy.
“The decision to set up SEC is based on the need of the government to develop and implement immediate measures and plans to ensure that Malaysia
continues to grow,” he told a media briefing today.
Minister in the Prime Minister’s Department Senator Datuk Seri Abdul Wahid Omar will chair the committee which comprises economists and corporate leaders.
Other members include the deputy chairman of Khazanah Nasional Tan Sri Nor Mohamed Yakcop, Khazanah Nasional managing director Tan Sri Azman Mokhtar, chief adviser of China Banking Regulatory Commission Tan Sri Andrew Sheng Len Tao, chief executive of Symphony Life Berhad Tan Sri Mohamed Azman Yahya, CIMB Group chairman Datuk Seri Nazir Razak, RAM Holdings chief executive officer Datuk Seri Dr. K. Govindan, Vice-Chancellor of Universiti Kebangsaan Malaysia Professor Datuk Moor Azlan Ghazali, chairman of the Association of Banks in Malaysia Datuk Abdul Farid Alias and president of Federation of Malaysian Manufacturers Datuk Seri Saw Choo Boon.
The committee will operate under a secretariat in the Economic Planning Unit where its deputy director-general Datuk K. Yogeesvaran will head it.
Several officers from the Finance Ministry, Bank Negara Malaysia, Ministry of International Trade and Industry, Securities Commission, Prime
Minister’s Office and Economic Planning Committee, and the Prime Minister’s Department will be included in the committee.
Najib said the committee was merely a short-term solution which will only be operational until the global economy bounced back.
It will have weekly meetings or more frequently if needed, to assess and propose urgent steps. The first will be held next week.
Relevant agencies will be invited to attend and participate in discussions on how to overcome fundamental issues, settle operational matters or assist in overcoming problems that are stifling economic growth.
“We can invite anyone we like to present their suggestions. If there are economists with good proposals, they can be brought for consideration by the
government,” said Najib.
At the same time, the existing Economic Council, which he chairs, will continue to function in giving attention to overall economic issues.
The council will, among others, continue to formulate strategies for sustained economic growth through foreign direct investments, as well as
domestic and identify ways to control inflation.
Najib said the uncertainty in the current global environment needed a stronger response. — Bernama