MALAYSIA’S economic fundamentals are still strong with the banking sector well capitalised and non-performing loans still low, Finance Minister Lim Guan Eng assured today.

He said the Finance Ministry will ensure that Malaysia’s economy is transparent and government spending monitored with accountability, transparency and efficiency.

“The fundamentals of the Malaysian economy is still strong.  If we look at the banking sector we are still strong. Capitalisation is high and the NPL is low,” Lim said after meeting ministry staff for the first time after being sworn into office.

The new finance minister has been blunt about the country’s finances and the true state of affairs at 1Malaysia Development Bd (1MDB), sending shockwaves that have put the local indices into a tailspin.

On the decline in the stock market, Lim said such a thing was not only happening in Malaysia, but also in countries like Thailand and the United States.

“The stocks have fallen in other countries. There are also other international factors (to consider). 

“Let the stockbrokers and analysts see if this is happening only in Malaysia or regionally and internationally.”

Lim said MoF would keep an “open mind” and accept any criticism. 

“We will continue to monitor (the situation). We will also not follow the old system where the spending is hidden. This will not happen again.”

Lim said Malaysia would be the stronger for it. 

“We have to be truthful and transparent. This is our hope for a brighter future.” – May 25, 2018.