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Business, Economics

Mahathir chairs economic meeting, cost of living takes centre stage

The Economic Action Council’s main aim is to spur and stimulate sustainable economic growth.


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Updated: March 21, 2019

Prime Minister Mahathir Mohamad chaired the first meeting of the  Economic Action Council (EAC), which had tackling the cost of living high on the agenda.

The meeting on Wednesday (March 20) looked at measures to improve the living standards of the B40 group.

The Economic Affairs Ministry, which acts as the secretariat to the EAC, said that three papers were presented by representatives from the ministry, as well as the Domestic Trade and Consumer Affairs Ministry.

“Aside from the cost of living, the idea of social entrepreneurship as a platform to improve the livelihood of B40 households was also brought to the meeting’s attention, as well as the implementation of decisions made by the National Action Council on Cost of Living,” said the secretariat in a statement.

The secretariat said that the government is aware of the difficulties faced by the B40 group, and would take immediate measures to stimulate the economy.

It said the government was also committed in ensuring fair wealth distribution and improving the peoples’ well-being

In February, the Prime Minister’s Office announced the setting up of the EAC and its 16-strong council members.

Apart from the Prime Minister, other members are Economic Affairs Minister Datuk Seri Azmin Ali, Finance Minister Lim Guan Eng, International Trade and Industry Minister Datuk Darell Leikeng and Works Minister Baru Bian.

Others are the Prime Minister’s economic advisor Datuk Muhammed Abdul Khalid, former international trade and industry minister Tan Sri Rafidah Aziz, Permodalan Nasional Bhd chairman Tan Sri Dr Zeti Akhtar Aziz and council of eminent persons member, economist Professor Dr Jomo Kwame Sundaram and Public Bank Bhd chief executive officer and managing director Tan Sri Tay Ah Lek.

Majlis Amanah Raya chairman Dr Hasnita Hashim, Bursa Malaysia Bhd chairmab Datuk Shireen Ann Zaharah Muhiudeen, Asean Business Advisory Council Malaysia chairman Tan Sri Mohd Munir Abdul Majid, Federation of Malaysian Consumers Association (Fomca) chief executive officer Datuk Paul Selvaraj, lawyer Bah Tony @ Amani William Hunt Abdullah and Masa Institute board of trustee membet Nizam Mahshar were also named as council members.

The Economic Action Council was formed to respond and act upon the people’s feedback about the problems they face, particularly economy.

 



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The Star
About the Author: The Star is an English-language newspaper based in Petaling Jaya, Malaysia.

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