Focus on efforts to reform the economy, says King

PETALING JAYA: The King says that everyone should focus on efforts to reform the economy to ensure strong, sustainable growth, according to Comptroller of the Royal Household of Istana Negara Mejar-Jeneral Datuk Zahari Mohd Ariffin.

“The King decreed that all parties should continue focusing on the implementation of economic structural reform and increased competitiveness to ensure more inclusive, strong, and sustainable economic growth,” said Zahari in a statement on Saturday (Sept 2).

According to Zahari, Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah and Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah are also hoping that the nation’s economy will continue growing.

“They are also praying that Malaysians would continue to be blessed with better sustenance in the future,” added Zahari.

He said the King was briefed on Friday (Sept 1) by Bank Negara Malaysia governor Datuk Abdul Rasheed Ghaffour and his deputy Datuk Jessica Chew Cheng Lian regarding current economic developments.

“The King was also briefed on the stability of the ringgit, the inflation situation, the development of the Islamic financial ecosystem, value-based mediation and social financial programs, especially the itekad program,” added Zahari.

Zahari also said the King was informed that the country’s economy grew 4.2% in the first half of 2023 despite slower global economic growth and trade.

“This development is supported by strong household spending following the better employer’s and income market, aside from the implementation of new and current investment projects.

“The King was also informed that the unemployment rate reduced to 3.4% in June. Aside from that, overall and core inflation have reduced in the second quarter of this year.

“The King also placed emphasis on the Islamic finance sector that has contributed to the growth of the economy and the country’s socioeconomic development,” said Zahari.

Zahari also said the King was grateful that the iTekad initiative has continued to assist the downtrodden.

“So far, iTekad has the support of 11 financial institutions and nearly 60 partners that benefited 3,000 low-income micro-entrepreneurs,” added Zahari