MALAYSIA will still have enough revenue after scrapping the goods and services tax (GST), said former Bank Negara Malaysia (BNM) governor Zeti Akhtar Aziz.

Zeti said this can be done by prioritising projects, increasing the public sector’s efficiency, cutting wastage and exploring new revenue sources.

With this in mind, she said she is confident that the country’s economy can be steered in the right direction within 100 days.

“I think that is what the markets want too. They want to see the commitment and the clarity in what is going to be done (by the government),” Zeti told Bernama today.

She was the first woman governor in Malaysia and led the central bank for 16 years. She was recently appointed to the Council of Elders by Prime Minister Dr Mahathir Mohamad.

Zeti also told Bernama that some market volatility is to be expected during times of uncertainty but it is up to agencies such as BNM and the Finance Ministry to restore confidence.

She said this had been done before during Dr Mahathir’s previous tenure as prime minister.

“As the result of the many mega projects, our current account deficit of the balance of payments exceeded 10% of the gross domestic product and increased the country’s vulnerability.

“During that time, we advised him (Dr Mahathir) to reprioritise the mega projects and stagger their implementation into the future.

“Within two years, the current account deficit of the balance of payments improved to 4.6% of GDP against more than 10% previously. We have done it before and we will do it again,” Zeti said. – May 14, 2018.