FINANCE Minister II Datuk Seri Amir Hamzah Azizan underscored Malaysia’s commitment to implementing structural reforms aimed at enhancing the nation’s global competitiveness in a recent address at the Sasana Symposium 2024.
He stated that these reforms are crucial for positioning Malaysia favourably amidst other nations also striving to bolster their growth potential, address fiscal deficits and improve resource efficiencies.
Amir Hamzah highlighted that these reforms are already underway, focusing on capitalizing on new growth opportunities, fostering long-term development and fortifying resilience against future economic shocks while embracing emerging opportunities.
Among the key areas of reform are fiscal resilience, labor market strengthening, quality investment promotion, climate resilience, and good governance.
Key legislative measures such as the Public Finance and Fiscal Responsibility Act (FRA) and the Medium-Term Fiscal Framework (MTFF) were noted as pivotal for broadening and diversifying Malaysia’s revenue base.
Moreover, the implementation of the Progressive Wage Model was highlighted as a crucial step towards promoting equal and inclusive opportunities for all Malaysians, aimed at elevating income levels and enhancing productivity across the board.
While acknowledging the complexity of these reforms, Amir Hamzah reiterated the government’s full commitment to collaborating with all stakeholders to ensure their successful implementation.
“The financial sector fraternity could play a pivotal role in this journey by harnessing their expertise, resources and influence to chart a more resilient, inclusive, and sustainable economic future for Malaysia,” he pointed out.
“Only by working together, can we make structural reforms a reality.” – June 12, 2024
Main photo credit: NST
