PM Anwar Ibrahim must be feeling like he is trapped between the devil and the deep blue sea. His Pakatan Harapan coalition had promised a slew of “reforms” if they came to power and PMX has already stepped up efforts to reform the country's economy; however, a weak ringgit coupled with the geopolitical crisis in Ukraine and the Middle-east, and of course the lingering after-effects of the crippling Covid-19 pandemic have all made it extremely challenging for his administration.
To compound matters, there has been plenty of criticism too from his own supporters who have slammed him for being “slow” in rolling out reforms; while from the other side of the fence, opposition leaders have been pouring cold water on his reform initiatives and even calling his government “directionless!”
Not surprisingly, the latest to launch a scathing attack on the Madani government's economic reforms has been the opposition Perikatan Nasional which has taken the opportunity to pan the recent controversial diesel subsidy rationalisation move.
In a press statement issued last Thursday (June 13) and posted on Facebook, its chairman Muhyiddin Yassin had lashed out at the PH-BN government for being insensitive to the mounting hardship faced by the rakyat.
The ex-prime minister went on to predict that the ill-timed move to increase the diesel price to RM3.35 per litre will exacerbate inflation and further push up the cost of living in the country, while warning that it will badly affect the socio-economic well-being of the rakyat.
Muhyiddin then went on to point out that the newly introduced targeted diesel subsidy scheme under Budi Madani is also too rigid and will place a huge strain on farmers and smallholders, adding that the paltry RM200 subsidy was insufficient and that eventually it is the public who will have to bear the consequences.
As his parting shot, the PN chairman then issued an ominous warning that more “troubling times” lie ahead once the subsidy for RON 95 is also withdrawn in the near future.
While the seasoned Pagoh MP may have rightly expressed the disappointment felt by those affected, what many observers may be asking is: how will his PN coalition handle the current economic woes faced by the country, particularly the huge government debts and the inadequate tax revenue, if they were in power?
It must be stated that during his brief 17-month rule, following the collapse of the PH government in early 2020, as part of what seemed like a populist approach, Muhyiddin had allowed withdrawals from EPF which was said to have virtually “bankrupted” many, especially those from the underclass who already had very little funds in their accounts.
Furthermore, the infamous proclamation of “emergency” in the country during his rule, allegedly under the guise of containing the Covid-19 pandemic, has remained a controversial episode due to its political and economic implications.
Add to that, the somewhat haphazard implementation of successive movement control orders (MCOs) and standard operating procedures (SOPs) were generally seen to be not so effective and were roundly criticised by many; detractors had even claimed that the government back then had opted for an “easy way out” in addressing the crisis without first understanding the real plight of those on the ground.
In fact, it's no secret that the MCO and SOPs had caused plenty of confusion and suffering to the people, even tragically driving many to suicide, yet they seemed to do little to stem the rise in Covid-19 infection rates and deaths; neither have people forgotten about the embarrassing “white flag” campaign by hard-pressed youths and families struggling for food and other basic necessities during the much-despised lockdowns.
Meanwhile, the prolonged closure of a wide range of economic activities back then had turned out to be quite unpopular causing many businesses to suffer financial losses with some feeling the impact till this day, while many were also forced to shutter for good!
Now, with the nation's debt hovering at around RM1.5 trillion, thanks to massive corruption and leakages for the past 60 years under previous governments, coupled with the huge wage bill for a bloated civil service that he has inherited, it's no surprise that Anwar is currently faced with a humongous task.
The “brash” move to remove diesel subsidy has caused an outrage but if not now… then when?
While admittedly, some of the economic reforms initiated by his unity government may be harsh and painful, the truth is the country has to bite the bullet and press on - or it's economy could be heading towards an early meltdown. In short, someone has to bell the cat now, before the situation becomes irreversible.
Moreover, Anwar doesn’t seem to have any viable alternative or any easy way out, although perhaps “secretly” he may be "wishing" he had the luxury of calling for a state of emergency, so that he can get down to fixing the country’s economy in peace - minus all the noise and drama from bystanders!
Information source: Muhyiddin Yassin Facebook and CNA
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