PM keeps coveted MoF in order to directly oversee measures to tackle inflation and a weak ringgit

by RUPINDER SINGH

THE Cabinet line-up unveiled by Prime Minister (PM) Datuk Seri Anwar Ibrahim last Friday was a deft display of political balancing, while trying to keep an eye on the nation’s economy, reeling under rising prices, in a more challenging global environment.

Anwar kept the coveted Finance Ministry (MoF) to himself, allowing him to directly oversee measures to tackle surging inflation and a weak currency.

One notable name, though not a minister, was the appointment of Petroliam Nasional Bhd (Petronas) former president and CEO Tan Sri Mohd Hassan Marican, to head a team of advisors to advise the MoF, especially in matters related to the country’s finances.

As the finance czar, Anwar wants to restore economic confidence through several new approaches.

“I’m not inclined (for the post), but I want to start new policy approaches and restore economic confidence among local traders and foreign investors.

“I thought that with this start, I will be assisted by a strong team who are not only civil servants, but also a group of advisors who will not burden the government’s coffers,” he told a press conference at Perdana Putra in Putrajaya when announcing the line-up.

Anwar naming himself as the finance minister is a repeat of the Datuk Seri Mohd Najib Razak’s era when the PM also assumed the critical portfolio.

Anwar was a former finance minister and deputy to the country’s longest-serving PM, Tun Dr Mahathir Mohamad, before his political rise was cut short after being fired in the wake of the 1997 financial crisis, following a fallout with the latter.

After swearing-in as the 10th PM of Malaysia on Nov 24, some saw the Cabinet make-up as Anwar’s first real test of his leadership.

The new line-up of 28 ministers, including himself, contains several surprises, seen as a move to satisfy the various power centres from the four coalitions that form the bulk of the unity government.

The most visible surprise was the inclusion of Datuk Seri Dr Ahmad Zahid Hamidi from Umno/ Barisan Nasional (BN) and Datuk Seri Fadillah Yusof from Gabungan Parti Sarawak (GPS) as deputy PMs (DPMs).

Ahmad Zahid’s inclusion, despite Anwar’s commitment to anti-corruption, raised eyebrows as the Umno president is currently facing a number of corruption charges.

This is the first time Malaysia will have two DPMs. Ahmad Zahid will also be the Rural Development minister, while Fadillah will hold the Plantation and Commodities portfolio.

Former Finance Minister and banker Tengku Datuk Seri Zafrul Tengku Abdul Aziz also saw a return to the Cabinet as the minister of International Trade and Industry. In the 15th General Election (GE15), the 49-year-old former CEO of CIMB Group Holdings Bhd failed to win the Kuala Selangor Parliament seat by 1,002 votes.

Prior to the announcement, speculation was rife that Tengku Zafrul would come back as the finance minister despite PKR deputy president Mohd Rafizi Ramli and former Second Finance Minister Datuk Seri Johari Abdul Ghani being tipped for the position.

Tengku Zafrul was first appointed to the post when Tan Sri Muhyiddin Yassin became PM in 2020. Ismail Sabri Yaakob retained him as finance minister when he took over the government in August last year.

Rafizi, meanwhile, was named the Economic Affairs minister, a position once held by his former arch-rival in PKR, Datuk Seri Mohamed Azmin Ali.

Missing from the Cabinet list was Sarawak Premier Datuk Patinggi Abang Johari Tun Openg, whose GPS component parties won quite handsomely in GE15 with the coalition managing to win 23 out of 31 seats.

In a speech in Kuching last Friday, the GPS chairman told a gathering that the DPM post was not the territory’s major priority when the nation went to the polls last month. Instead, they had placed importance on the federal government honouring the Malaysia Agreement 1963 (MA63).

In contrast to Anwar’s Cabinet of 28 ministers, Datuk Seri Ismail Sabri had 32 ministers, with 38 deputies. Anwar has yet to announce the list of deputy ministers. The previous Pakatan Harapan (PH) government in 2018-2020, led by Dr Mahathir, had 28 ministers (including PM) and 27 deputies.

Anwar’s new Cabinet is made up of 13 ministers from PH — eight from Anwar’s own PKR, DAP (4) and Amanah (1). With the addition of Umno’s six slots and GPS with five, this makes a formidable presence in the Cabinet line-up.

Borneo Bloc

Parti Pesaka Bumiputera Bersatu (PBB) senior VP Fadillah leads the seven ministers from Sabah and Sarawak in the unity government. He makes history as the first Sarawak parliamentarian to assume the DPM position.

The four other ministers from Sarawak, also from GPS, are Datuk Seri Alexander Nanta Linggi (Works Ministry), Datuk Seri Tiong King Sing (Tourism Ministry), Datuk Sri Nancy Shukri (Women, Family and Community Development Minis try) and Datuk Aaron Ago Dagang (National Unity Ministry).

Representing Sabah in the Cabinet are PH’s Datuk Ewon Benedick (Entrepreneur Development and Cooperatives Ministry) and GRS’ Datuk Armizan Mohd Ali (Minister in PM’s Department for Sabah dan Sarawak).

The sole Indian minister in the line-up is DAP’s Sivakumar Varatharaju Naidu, who will steer the Ministry of Human Resources.

Tackling Cost of Living

“I will have a special meeting [on Monday] with the ministers, so I can convey several matters to them, such as new rules, direction, as well as new methods that are just introduced,” said Anwar.

The PM also said ministers should begin their duties soon and he advised them to avoid wastage, bribery and abuse of power.

“I have made it clear to the Cabinet that the unity government prioritises good governance and the need to reduce the people’s burden, as well as focusing on stimulating the economy.”

Anwar reiterated that his primary focus would be on how best to tackle the cost of living with a slowing economy.

He said the Cabinet is a clear signal to the people that the unity government, together with the civil service, will ensure that its promises are fulfilled.

Meanwhile, Anwar also said deputy ministers will be made known at a later date.

“The deputy ministers will be announced soon,” he said.

• This article first appeared in The Malaysian Reserve weekly print edition