The government is in the midst of drafting a new economic strategy, to replace the 1Malaysia People's Aid (BR1M). (File pix)

IPOH: The government is in the midst of drafting a new economic strategy, to replace the 1Malaysia People's Aid (BR1M).

The new economic strategy would focus on the prosperity and well being of the people said Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.

“Through the Economic Affairs and Finance Ministries, we will certainly give views and present a new initiative on the country’s economic direction in Parliament in the near future.

“If this focus (new initiative) is to empower the people, I believe the people will have more economic power to help ease their cost of living.”

Azmin said this new economic initiative would be tabled and debated in Parliament in October.

"(The new initiative of economic direction) which puts the focus of the welfare of the people, instead of corrupting and fooling the people.

Azmin, who is PKR deputy president said this after after officiating the Perak Branch Annual General Meeting (MATC) 2018 at Kinta Riverfront Hotel here today.

Also present were, PKR Wanita Chief Zuraida Kamaruddin; Deputy PKR Chief, Dr Afif Bahardin and Perak PKR Chairman, Dr Muhammad Nur Manuty.

Azmin also backed Prime Minister Tun Dr Mahathir Mohamad’s view that the Barisan Nasional’s BR1M initiative should be discontinued as it has elements of corruption to get the support of the people.

He said in discontinuing the financial aid, it can instead be implemented through other means of development and assistance that is deemed fit to help the people.

"Prime Minister (Tun Dr Mahathir Mohamad), is right in pointing out that any form of cash bribe for political support must be stopped.

"This is because it (cash aid) has a corruption element in getting support from the people. I had experienced it in Selangor (during his tenure as Mentri Besar) where we do not bribe the people with cash but what we do is empower the people through programs and policies to make them prosperous, "he said.

“As an example, for the small entrepreneurs from the B40 group, we provide them micro-credit assistance to enlarge their businesses.

“We also gave them loans from RM1,000 to RM50,000 without any interest rate. With such help they can stabilised their family economy and do not need to depend on cash aid,” he added.