THE Madani economic plan will replace the Shared Prosperity Vision (SPV) 2030 because it has a comprehensive implementation framework that the latter lacks, Prime Minister Anwar Ibrahim said.

He said the SPV 2030 did not factor in governance as well as the country’s current economic challenges.

The SPV 2030 was more a global framework and did not address domestic issues such as inflation, Anwar said in the Dewan Rakyat today.

“The SPV 2030 also did not cover issues that we have inherited, such as how much debt and deficit the government has to bear. Current planning needs to factor in these problems,” he said.

“Future generations of Malaysia should not be satisfied with policies that are beguiling based on the Western template; they must have the strength to champion local definitions and values based on our national beliefs and principles.”

He was responding to a query from Suhaizan Kayat (Pulai-PH) on how the Madani Economy and SPV 2030 differed.

Anwar said the nation was facing postnormal times with unforeseen and contradictory events, sometimes happening simultaneously, and a new policy framework was needed to address this.

He said the Madani Economy revolved around economic sustainability and fiscal development and iwas augmented with shared compassionate values that were not emphasised in SPV 2030.

Anwar said the plan supported the nation’s aspirations not only in terms of revenue but also inclusivity and governance targets.

“It is not just a general policy framework but also takes into account current economic developments, including the 12th Malaysia Plan mid-term review, National Energy Transition Roadmap and New Industrial Master Plan 2030 launched this year,” he said.

“And the policies are considered more transparent – there is clarity for the government sector, government machinery and private sector. Finally, the Madani Economy has a robust implementation framework under the Prime Minister’s Department.”  – Bernama, October 9, 2023.