Proposed emergency will be the final nail in the coffin for economy: Ku Li

by AZREEN HANI/FILE PIX

SHOULD the proposed state of emergency be imposed, it will be the final nail in the coffin for Malaysia’s economy, warns former Finance Minister Tengku Tan Sri Razaleigh Hamzah.

In a statement today, Tengku Razaleigh or known as Ku Li said the proposed emergency will result in zero business confidence, where local and foreign investors would shun the country completely.

“If the Prime Minister were to get his way in imposing the proposed state of emergency, as an economist myself and the former Minister of Finance and former Minister of International Trade & Industry (and former Chairman of World Bank & IMF), I can say with some certainty that it may be the “final nail in the coffin” of our already battered economy,” Tengku Razaleigh said.

“Local and foreign investors would shun us completely. Business confidence would be at ground zero.”

The Gua Musang MP said he is dismayed and shocked that the Prime Minister Tan Sti Muhyiddin Yassin with the support of his Cabinet) is seeking the consent of the YDP Agong to declare a state of emergency.

“I am not questioning the right of any Prime Minister to seek a declaration for a state of emergency with the YDP Agong as stipulated in our Constitution but rather the basis, rationale, timing and the real motive for it.

“We are now having a public healthcare crisis that is severely impacting the livelihood and economy of our people and which the Government may not be managing the crisis in the best interest of the public,” he added.

Earlier, former Prime Minister Tun Dr Mahathir said that the “mere rumour of an emergency has resulted in the stock market taking a deep dive.”

He said that the investors will have no faith in the prime minister being able to manage the economy.

Following reports on the possibility of a state of emergency, FBM-KLCI fell to a low of 1,490 while the ringgit weakened against the US Dollar in late trade yesterday.