Posted: 03 Nov 2011 01:39 AM PDT
DAP National Deputy Chairman and MP for Kepong Dr Tan Seng Giaw calls on the Finance Ministry to improve its performance and effectiveness including economic analysis.
Finance Minister must review all aspects of his ministry to ensure rapid economic growth, compared with the part played by Bank Negara.
On 2.11.2011, Dr Tan took part in the debate at committee stage in Parliament on the allocation of RM34.7 billion for the Finance Ministry in 2012.
The Finance Ministers and their deputies reply to questions on economy and finance in Parliament. But, the ministry shows its weaknesses in some aspects including economic analysis.
Meanwhile, the ministry is trying to make its electronic acquisition world-standard with the allocations of RM5 million and 5.5 million for electronic administration and information technology management respectively. It is correct to create world-class and sophisticated technology. We would like to know the world-class company that has been appointed.
The Treasury must improve its performance on all aspects such as economic analysis. For example, Eurozone crisis with rescue package for Greece affects world economy. China's assistance has been reported. Japan intervenes on Yen with threat to sell more of it. The US firm of MF Global with asset of US$41 billion has filed for bankruptcy. Although it is not as big as Lehman Brothers that failed, it still has deleterious effects. The implications of floods in Thailand are expected. Her manufacturing sector is badly affected. In 2010, Thailand had foreign direct investment of US$5.8 billion and Indonesia US$13.3 billion which was bigger than that in Malaysia.
Tan Seng Giaw
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