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COMMENT | A call to action for the new Pakatan Harapan government is necessitated by the impact from the previous administration which can be felt in all aspects of our society today, and actions for immediate reversals are called for.

Arguably the biggest concern is the erosion of the constitutional framework which protects and facilitates the functioning of democracy in the nation. To all Malaysians, from those in government in positions of power to the rakyat in the kampung, the responsibility to protect the constitutional democracy is of the utmost importance.

By weakening the institutions put in place to ensure constitutional compliance, the previous leaders struck at the heart of the framework which allows democracy to function and that cannot be allowed or condoned, regardless of party, creed, race or other affiliation. Making this a rallying point for the new administration will serve not only the interests of the nation, but also align the interests of ruling and opposition political parties, intellectuals, moderates, and all citizens - who may well forgive excesses of a particular administration but not a compromise of the state itself.

Foreign countries, global multinationals, and institutional investors alike had stalled direct and financial investment, taking instead a wait-and-see approach for the dust to settle on the political front. This, taken in conjunction with the effects of the GST, catalysed a negative sentiment both internally and amongst our international trading partners.

Now, aggressive corrective action and a corresponding shift in confidence is needed. We must equip large and small enterprise in the country with a ready and growing marketplace for their goods and services, in order to maintain a healthy economy.

Taking a proper account of the economic impact of our elevated debt levels, it will be seen that its effects accrue across all segments of the economy, from government to private enterprise, to retail consumption and tourism. The most transparent benchmark for confidence in Malaysia is the ringgit.

The fact that the currency had broken 20-year lows against the US dollar is the clearest indication of a loss of faith both domestically and internationally, not just in the Malaysian economy but also in its political stability and institutional credibility. To put it simply, those with a stake in Malaysia had spoken with their feet and headed for the exit. Reducing debt and stabilising the currency are therefore immediate policy objective that the new government must achieve...

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