KUALA LUMPUR: The Pakatan Harapan government’s transparency and openness in revealing the actual debts incurred by the federal government will ultimately have a positive long-term impact on investors, especially foreign investors, said Finance Minister Lim Guan Eng on Sunday (Jun 3).
The minister said the recent fluctuations especially on the local bourse should not be measured in the short-term as it did not give a complete picture.
“At the beginning, investors may somewhat be shocked (at the actual size of the federal government’s debt), but I am certain they have already factored this in,” said Lim in an RTM1 interview on Sunday night. “What is important now is that we want to show the world the Malaysia (you are seeing) now is ‘the new Malaysia’.
“We don’t want to conceal or lie about the financial statement. We want to be outright honest. What you see is what you are going to get. I believe this transparency will reassure investors over the long-term.”
Lim said it would take almost a year or more to establish the real ”picture” of Bursa Malaysia and the country’s economic stability.
“I am confident (that) if we can show the world that the government of the day is now transparent and can be trusted, investors will be convinced and return to invest in our country,” the finance minister said.
Lim was also convinced that Malaysia’s credibility in the eyes of international rating agencies such as Moody’s and Standard Poor’s would not be affected in the long-run as efforts taken by the government now were reflective of its sincere commitment towards responsible fiscal policies.