A Stable Government Needed To Focus On People’s Agenda, Economy Recovery – Junz

KOTA KINABALU: Parti Warisan (Warisan) has two main policies to be offered
to improve and enhance the economic well-being of Sabahans and Malaysians, should the party secure another mandate at the 15th General Election (GE15) said Warisan vice president, Datuk Junz Wong.

According to Junz, all resources in Malaysia will be retained to enable the nation to focus more on downstream activities to create high-quality labour force and employment opportunities.

The second policy is stabilising the Malaysian Ringgit currency by identifying the causes and tackling the surging cost of food due to inflation and reviewing the existing policies to reduce dependence on imported food items.

“I would like to plead to all my fellow Malaysians in Peninsular Malaysia and Sabah to focus on what’s the more pressing and crucial agendas; which are economy recovery, tackling high cost of living, stabilising ringgit, food security, unemployment, FDI and others,” he said in a statement released here today.

“We can only start to plan good policies and action plans to tackle these issues when we have a stable Federal Government, which is only likely to happen after GE15.

Junz pointed out that Sabah and Sarawak will be the kingmakers to form the new Federal coalition.

He asserted that the key element to achieve political stability for the sake of all Malaysians while facing possible economic crisis ahead is unity.

“I would like to call for all Malaysians to consolidate their effort together and vote for Parti Warisan.

“We can work together with our Sarawak counterpart and form a stable government by the next General Election to enable us to make determined efforts to deal with bread and butter issues that concern all Malaysians effectively. Together We Can.

He said the value of Asia’s emerging market currencies, including Malaysia has been detrimentally affected as a result of The People’s Bank of China unexpected lowering of the interest rates for medium-term lending facilities (MLF) and reverse repurchase operations by ten basis points on August 15th, said Junz.

This is the first time The People’s Bank of China conducted MLF volume reduction sequel this year.

As of yesterday (August 16), CNY1 (Chinese Renminbi) is equivalent to RM0.6575; SGD1 (Singapore dollar) is equal to RM3.2399 and USD1 (United States Dollar) is equivalent to RM4.4664 as compared to
2 years ago (August 16, 2020) where CNY1 is equivalent to RM0.6033; SGD1 is equal to RM3.0593; USD1 is equivalent to RM4.1932.

Junz said this clearly shows that Malaysian Ringgit is in a depreciating trend.

“We had to allocate more money to purchase the same quantity of goods from our main trading partners such as China, Singapore and the United States,” he said.

“The Russia-Ukraine war has made the situation even worse in Malaysia due to the nation’s heavy dependence on other countries, importing food items such as mutton, round cabbage and fresh milk.

“Malaysians nowadays have to pay more to enjoy consuming these items,” he asserted.

The Tanjung Aru assemblyman said, this situation has indirectly affected the lower income group, M40, B40 and hardcore poor households. They either have to work two or three jobs to feed their families or forced to reduce their consumption of certain food items.

The COVID-19 pandemic has changed our lives, but more so the families, women, and children of underprivileged communities in Malaysia.

With a reduction in income, they had to lower their food intake. They are relatively less capable of buying healthy food such as vegetables, fruits and chicken for daily consumption.

Junz pointed out that such a scenario is especially evident in the poorest Malaysian state, Sabah.

“Some Sabahans can only afford a plate of rice or a bowl of instant noodles with an egg daily. It is worrying as insufficient daily nutrient intake will put the health and well-being of the marginalised communities at risk.