MP: Gov't still in denial over economy

The Barisan Nasional federal government has come under fire for focusing on internal party politicking instead of implementing pro-active measures to stem the impact of the current global financial crisis.

Bukit Bendera member of parliament Liew Chin Tong rapped the BN-led government for not heeding the numerous calls from all quarters, including the opposition, for effective steps to tame the impact of a volatile global economy on the local market.

"Indeed, the Putrajaya administration seems to be in a state of denial that Malaysia would be exempted from the economic turmoil while governments all over the world are stepping up their action plans on an almost daily basis," he said in a press statement today.

Liew took a swipe at Umno leaders for being pre-occupied with internal party politics when they should be spending more time, resources and energy to strengthen the country’s economy.

"The only relevant index for the ruling elite now is the nomination index for the Umno leadership," blasted the DAP parliamentarian, adding that the current economic crisis is the worst to hit the world since 1929.

Although a decade has passed since the global economic crisis of 1997/98, Liew said the government had yet to resolve many of its attributing problems like cronyism, nepotism, corruption, leakages and wastages.

Ordinary citizens suffering

He also noted that many public facilities and basic services like good schools, healthcare, childcare and public transport were out of reach of ordinary citizens.

According to Liew, some 5.8 million families or 57.8 percent of households in the country earned RM3,000 or less a month, including 8.6 percent who were surviving on a monthly income of RM1,000 and below.

"The rising inflation would heavily burden them. Hence the middle and lower income groups would be left with no choice but to struggle to endure a sustainable living standard in the midst of escalating cost," he said.

The biggest challenge facing the government now, he said, was to ensure that the living standards of those in the lower and middle income bracket didn’t deteriorate further.

The parliamentarian also slammed the government’s move to channel RM5 billion from the Employees Provident Fund to Valuecap Sdn Bhd to buy undervalued shares from certain listed companies.

"The amount is too small to save the companies or to thwart the international impact on the local stock market.

Likening the move to "good money chasing the bad money", he warned it could eventually cause the public billions.