THE co-operation agreement signed by five coalitions to formalise the unity government is a long-term initiative to ensure political stability, so that the country could focus on economic recovery, Deputy Prime Minister Ahmad Zahid Hamidi said today.

According to Zahid, the government needed to urgently focus on economic matters to prepare for challenges next year when the world economy is forecast to slow down.

The World Bank had predicted that aggressive interest rate hikes to be adopted by several countries will cause demand to shrink and lead to a global economic downturn next year, he said in his Facebook post today.

“The unity government’s focus on tackling various challenges in economic and financial management should take priority over constant politicking.

“A five-year period is not a long time for rejuvenating the country’s economy, so a calm political environment during this period is vital to enable Malaysians to be together with the government to build a better country and regain the respect of the world,” he said.

Yesterday, secretaries-general from Pakatan Harapan (PH), Barisan Nasional (BN), Gabungan Parti Sarawak (GPS), Gabungan Rakyat Sabah (GRS) and Parti Warisan (Warisan) signed the co-operation agreement in Putrajaya.

Meanwhile, Zahid said the government’s move to ensure no hike in electricity tariffs, as announced by Prime Minister Anwar Ibrahim on Wednesday, was part of government efforts to check the rise in prices of goods and services.

He said it showed the government’s commitment in looking after the welfare and well-being of the people.

“Many more initiatives to help reduce the potential for hikes in prices of goods and services are expected to be announced.

“All these efforts need careful studies and focus to ensure the best results for the people,” he added. – Bernama, December 17, 2022.