KUALA LUMPUR, Oct 8 — Listing some of the government’s assets on the stock market could help to ease Malaysia’s economic and financial predicament, former Council of the Eminent Persons (CEP) chairman Tun Daim Zainuddin has said.

"At the CEP, we have studied the proposal submitted to us on monetisation. We don’t advise to sell these assets directly to the market.

"Where companies are profitable, we recommend them to go for an initial public offering (IPO), create value and let Malaysians invest in these companies,” he told Channel NewsAsia in a recent interview.

But the former finance minister reiterated that there are significant challenges that need to be overcome this time around.

"It’s far, far more difficult and complicated this time because it’s the [previous] government that had created the problem; lots of money was wasted and stolen.

"I was asked to look into figures, analyse and send them back to the prime minister. It will take some time before we can put the economy back into shape,” he was quoted as saying.

Meanwhile, Daim said it was understandable that the government would face trouble fulfilling some of its election pledges, given the state of the country’s finances.

"Malaysians are very kind, patient and understanding. If you explain to them, they will understand and accept.

"Deliver what you promised in the manifesto and if for any reasons you cannot, explain clearly. The people are reasonable if you are honest with them,” he said.

He also urged the government to make the CEP’s recommendations available to the public.