Malaysia has "unique" window of opportunity to pursue reforms: Bank Negara governor

KUALA LUMPUR: The current period of relative macroeconomic stability provides Malaysia with a unique window of opportunity to pursue meaningful reforms and build a brighter future.

Bank Negara Malaysia governor Abdul Rasheed Ghaffour explained that the policies must evolve to match current risks and weaknesses faced by the country, as economic environment is constantly changing.

He emphasised that reforms, which include fiscal responsibility in improving social safety nets and enhanced climate resilience, are crucial to the country's sustainable growth and the welfare of the people. 

"Drawing on lessons learnt over the years and emerging challenges, policymakers now have a clearer view of the path towards a more competitive and inclusive Malaysia.

"For instance, the shift from blanket subsidies, including for diesel, towards support that is better targeted to those in need should be welcomed as a positive step towards more equitable, sustainable policies while building fiscal policy space," he said at Sasana Symposium 2024 organised by Bank Negara here today.

On the two-day symposium, Abdul Rasheed said it will discuss both immediate issues, such as strengthening external resilience, as well as long-term structural issues such as the labour market and the role of finance in Malaysia's economy. 

"The symposium will demonstrate how reforms and policy are more than just abstract concepts and ideas, as well as the positive impact it has in the lives of Malaysians," he said.

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