Nazir Razak: Early election won’t affect economy

CALLING for an early election while Malaysia is facing the inflation pressure may not necessarily affect the economy, said prominent banker Tan Sri Nazir Razak (picture).

He said that the election during this time could be a “big distraction” for the country, however believes that Malaysia needs to have it.

“Even today, we have many challenges. But, at some point we need to have the elections anyway. I don’t think it necessarily affects the economy,” Nazir told reporters after a dialogue session with him at the Kuala Lumpur International Book Fair (KLIBF) on Friday.

However, he views that many things will be determined for the timing of an election, thus, he prefers to leave it to the Prime Minister (PM) and others in power to decide.

On Tuesday, PM Datuk Seri Ismail Sabri Yaakob said that the election should be held at the right time, given the inflationary pressures, according to a report by Nikkei Asia.

On a separate matter, Nazir, who is currently chairman of Bank Pembangunan Malaysia Bhd said that he is in the process of presenting the Better Malaysia Assembly (BMA) proposal along with 54 Malaysian figures from all backgrounds to the Yang di-Pertuan Agong.

“The members will be randomly selected among the citizens to reflect the composition and aspirations of Malaysian society, and they will convene to look for agreements and ways of resolving the country’s biggest issues,” he said.

According to him, the Istana Negara has responded and engaged with the proposal, while the proposal has also been discussed with the government.

“For now, there are those who agree and there are those who disagree. So, we need to understand the reason behind the disagreement. It could be that we did not explain it the right way,” he noted.

Meanwhile, he acknowledged that many parties have a wrong impression on the reform as it is said to take over the government’s power.

“We are not looking for power. We want to give power to the people — and not just for the people who are already in power or the elites,” he added.

He said that the non-partisan platform to address institutional reforms such as BMA is widely practised in over 28 countries including France, Chile, Ireland and Belgium. — by ANIS HAZIM / pic TMR FILE