Fiscal consolidation efforts including subsidy rationalisation and implementation of the Goods and Services Tax (GST) are among important measures implemented by the government in strengthening the country's economy.

“Without the fiscal consolidation measures, the country's credit rating would be affected and the government will be forced to reduce development expenditure (including development of hospitals, schools and roads) significantly," former minister in the Prime Minister's Department Abdul Wahid Omar said.

It would also affect the well-being of the people and the country's economic growth, he said in a statement aimed at sharing his experience working as a cabinet minister.

Malaysia targets a deficit of 3.1 percent of gross domestic product in 2016 compared with 3.2 percent last year.

The GST, which was implemented in April last year, from a macro point, was a saviour of the country's economy in general as it accommodated the government's revenue from the reduction in the petroleum tax revenue.

"As a minister who is responsible, among others, on the Economic Planning Unit and Public Private Partnership Unit, I am fortunate to always able to table the cabinet memorandum and note."

Wahid said he hoped he had been able to add value to discussions by giving the private sector's perspectives in various issues before they were decided by the government.

In addressing the uncertainty in the global economy, the government had formed the Special Economic Committee which is chaired by Wahid from August 2015.

"Several proactive measures have been announced by Prime Minister Najib Abdul Razak on Sept 14, 2015 to stabilise the financial market, improve the wellbeing of the people, support business activities and increase the integrity of the institutions."

"Alhamdulillah (all praise be to Allah), the financial market has stabilised and our economy is expected to continue to grow at between 4 percent and 4.5 percent this year, even faster compared with a three percent growth for world economy."

Wahid said he also had the opportunity to assist International Trade and Industry Minister Mustapa Mohamed in the Trans-Pacific Partnership Agreement (TPPA) negotiations, including several briefing sessions to the United States Trade Representative Michael Froman, in relation to the Bumiputera Economic Empowerment Agenda and the role of government-linked companies.

"I believe the Malaysia/Miti team has done the best in the negotiations which resulted in getting beneficial terms. This includes the recognition of the Bumiputera Economic Empowerment Agenda as an inclusive policy in the TPPA," he said.

The soft-spoken corporate figure also related how nervous he was when he attended his first cabinet meeting after being appointed as a senator.

"I still remember how nervous I was when entering the meeting room. But Alhamdulillah, I was accepted by the other cabinet members cordially."

Among the most unique experience during his stint at Parliament, Wahid said: "I still remember the first time I answered a question from the Gombak MP in the Dewan Rakyat on July 1, 2013, on the unemployment rate."

"After having answered the supplementary question from Gombak and Ayer Hitam MP, I felt challenged when the opposition leader, Permatang Pauh MP himself, stood up and voiced out a supplementary question.

“But Alhamdulillah, even though as a rookie, I believe I was able to answer the question well even though intimidated by the opposition leader himself."

He further said his experience on that first day had helped him in the subsequent Parliament sessions.

"I also had the opportunity to table three bills on Malaysian Airline System Bhd (Administration) 2014, Aviation Commission 2015 and Gas Supply (Amendment) 2016. Three bills in three years of service was a very valuable experience for me."

Wahid, who described his three years' experience as "an action-packed period", said he felt fortunate to be awarded the Darjah Panglima Setia Mahkota which carries the title 'Tan Sri' by the Yang di-Pertuan Agong on his last day of service.

"This is an honour which I value very much. Under your benevolent care, Your Highness," he said.

- Bernama