KUALA LUMPUR, Aug 25 — Prime Minister Datuk Seri Mohd Najib Razak announced today the set-up of a special committee tasked to solve Malaysia’s economic issues amid a bleak outlook for growth.

Najib who is also finance minister said the panel will look into producing solutions to help sustain Malaysia’s growth momentum, but did not provide further details.

“Our economic growth in past years has been strong and this government is determined that this record continue to be so.

“Towards this objective, I am pleased to let you know that the government will announce the formation of a special economic committee,” Najib said in his speech at the National Tax Conference 2015 here.

“This committee’s objective is to ensure Malaysia’s growth momentum will… for some time continue and able to generate prosperity and higher quality of life for all Malaysians in the light of the current, rather, uncertain and challenging times,” he added.

Since last year, the ringgit has lost over a fifth of its value against the US dollar, now hovering around RM4.10 to the greenback and below the RM3.80 peg that was imposed during the 1997 Asian Financial Crisis.

The sharp drop is not unique to Malaysia as the decline in currencies was also seen in other commodities-driven countries, including Indonesia and Australia.

However, economists have remarked on Malaysia’s political instability as the country’s leadership deals with controversies surrounding debt-riddled state investment firm 1Malaysia Development Berhad (1MDB).

Najib maintained today that Malaysia’s economic fundamentals are strong and expressed confidence that the ringgit will stabilise soon.

The prime minister also gave his personal assurance that his administration is doing its best to stay on top and safeguard the country’s economic interests.

“I (am) also frequently updated by representatives from the broad section of our economy.

“Last week  I met the chief economist and analyst from our local financial institution. Yesterday with business and corporate leaders.

“This meeting will continue in coming weeks,” he said.