FORMER finance minister Daim Zainuddin, who is now part of the five-member Team of Eminent Persons under the new Pakatan Harapan (PH) government, has assured investors and fund managers that the team would address problems affecting the economy and not increase the national debt.

“There is no reason to put the economy into a state that is much worse (than before),” he said after chairing a meeting late last night with other members of the team.

He was responding to a question on investor confidence on the ringgit and stock market following the surprise win by PH in the 14th general election which saw the fall of Barisan Nasional.

He pointed out that investors were more concerned on the proposed removal of goods and services tax (GST), which they said would likely impact government revenue and in turn widen the fiscal deficit.

“We are not going to increase the debt anymore. We are not stupid. This is a lot of speculation, unnecessary fear. This is a normal reaction when a new government takes over,” he said.

Daim assured investors that the team has experts who could handle this issue.

“For 57 years, there was no GST and there was no problem,” he pointed out.

The important thing is to get rid of corruption, he stressed.

Present at the meeting were three other members of the team – former Bank Negara Malaysia governor Dr Zeti Akhtar Aziz, former Petronas president and chief executive officer Mohd Hassan Marican and economist Prof Jomo Kwame Sundaram. Billionaire tycoon Robert Kuok was not present.

Newly-elected Prime Minister Dr Mahathir Mohamad had only yesterday announced the setting up of the team which, among others, will assist the new government in implementing its 100-day promises as spelled out in PH’s manifesto. – Bernama, May 13, 2018.