PAS YET TO HATCH ECONOMIC PLAN
 

Of late Pas has been using a new tactic of shifting from using Islamic state and hudud laws issues as its traditional political weapon to the economic platorm.  Pas' knowledge of the country's economy and its machinery is either non-existent or, at best, cursory, based on its own biased assumptions.

Comparing the economies of Malaysia and Indonesia and concluding that the latter had fared much better in turning around its battered economy is rather far-fetched.  Such presumption can only arise from the little knowledge Pas has.  If only Pas can cast aside its biasness in supporting the views propagated by Western-dominated agencies, such as the International Monetary Fund, it will certainly deduce that Malaysia is far capable of insulating itself from the debilitating effects of the regional financial crisis.

The results are as clear daylight that two years after the start of the economic malaise, Malaysia has emerged stronger than ever to battle and win the attacks against its economy and, subsequently, forge a revolutionary scheme to protect and further strengthen its survival as a trading nation.

Pas preference to agree with whatever slanted Western media reports about our economy and the various steps taken by the Government shows that the opposition party is only interested in furthering its political game without having any sense of responsibility.

Since the party is so fond of parading our neighbour's economic "success", then it should remember that whatever is happening in that country is a direct result of the interference by the IMF.  This can be seen from the agency's deputy managing director, Stanley Fischer calling for an audit of the central bank, Bank Indonesia, as part of an investigation into a bank scandal.

Just imagine the IMF giving a directive to the Malaysian Government to go through Bank Negara's book and financial records.  In the case of Indonesia, the Habibie Government has no choice but to agree to whatever the IMF demands of them as this is part of the terms and conditions of the rescue package imposed on the then Suharto-led government.

We, too, almost succumbed to the IMF bondage when the then finance minister, Datuk Seri Anwar Ibrahim, applied strangling economic measures on the advice of the IMF, such as raising domestic interest rates to an unbelievable 23 % and shortening the period of non-performing loans from six to three months.  Had we not put a stop from taking this dangerous path we, too, would end up like Indonesia.

When the whole region was in economic turmoil and did not know where to start combatting it, the Malaysian Government with a cool head and sharp vision set up the National Economic Action Council (NEAC) and from then on began to take immediate steps to contain the crisis.

After two years, all the hard work and toil has begun to bear fruits.  Our Gross Domestic Product for the second quarter stands at a convincing 4.1 % while our neighbours are still struggling to restructure and rehabilitate their banking and financial sectors.

We would like to pose the challenge to Pas whether its rhetorics is as good as its action.  We have yet to hear any constructive proposal from the party to help in the efforts of reviving the country's economy except to be disappointed by its decision not to be part of the National Economic Consultative Council II.

Other than that, Pas' only contribution is running down the Government's efforts in improving the economy.  We are proud that with patience and support from the people, our Government has managed the economy well despite the immense challenges and obstacles facing it.  It will surely take a lot harder work and struggle but we will surely reach the destiny that is meant for us, that is a developed nation. 



M. Thamby, Subang