The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah has emphasized the importance of implementing economic structural reforms and increasing competitiveness in order to achieve inclusive, stronger, and sustainable economic growth in Malaysia, according to the Comptroller of the Royal Household of Istana Negara, Mejar-Jeneral Datuk Zahari Mohd Ariffin.
The Yang di-Pertuan Agong and Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah also expressed their hopes for continued economic growth and prayed for the prosperity of the people.
Despite slower global economic conditions, Malaysia’s economy grew at a rate of 4.2% in the first half of 2023. This growth can be attributed to strong household spending, a robust labor market, increased income, and the implementation of new and existing investment projects, as noted by Zahari.
The unemployment rate in June 2023 decreased to 3.4%, and overall and core inflation continued to decline in the second quarter of the year, according to the King.
The development of the Islamic financial sector and the success of the iTekad initiative in helping disadvantaged individuals were also recognized by His Majesty. iTekad, supported by 11 financial institutions and nearly 60 implementing partners, has benefited 3,000 low-income micro-entrepreneurs, particularly the tithe recipients group known as asnaf.
Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour and his deputy Datuk Jessica Chew Cheng Lian provided a briefing to the Yang di-Pertuan Agong on the current developments of the economy in a meeting held at Istana Negara.
The King also received updates on the stability of the ringgit, inflation, progress in the Islamic financial ecosystem, value-based intermediation, and social finance programs, with a specific focus on iTekad.
In the meantime, the King and Queen will embark on a tour of Sabah and Sarawak from today until September 13. This “Kembara Kenali Borneo” tour will allow the public to have the opportunity to meet the royal couple.
The President of Tawau Banjar Association, Badrianshah Mohd Hamdi, expressed gratitude for the King’s involvement in driving along the Pan Borneo Highway. He also highlighted the tour’s significance in allowing the King and Queen to witness the progress of the highway construction in Sabah, where Phase 1 is expected to be completed in January next year.
The Kembara Kenali Borneo tour will cover a distance of over 2,100km via the Pan Borneo Highway, connecting Sabah, Sarawak, and Brunei, starting from Tawau, Sabah, and ending in Telok Melano, Kuching, Sarawak.
Credit: The Star : News Feed
