KUALA LUMPUR, March 27 — Datuk Seri Najib Razak today said many countries around the world are currently using the “cash is king” approach to save their economy from the impact of the Covid-19 outbreak.
The former prime minister said he is hopeful that the government’s stimulus packages that will be announced today would use the same approach as it has proven to be successful.
He said cash aid must be given to people as soon as possible by tapping into the nation’s reserves.
“One by one, countries in the world are using the ‘cash is king’ approach to save their economy from the Covid-19 crisis.
“We hope that the Perikatan Nasional government will use the same approach on the largest scale possible in today's supplementary economic stimulus package to ensure the survival of people and the economy and this assistance must be expedited.
“As I have repeated many times in the past, we must get as much money into people's hands as soon as possible,” he posted on his Facebook page today.
Najib’s successor Tun Dr Mahathir Mohamad used to criticised the former's “cash is king” comment, saying it amounted to corruption.
However, Najib had defended that the phrase meant that the government was using the money to help people in need.
Najib reminded that his former Barisan Nasional government had managed to improve the nation’s coffer from RM800 billion in 2008 to RM2 trillion today.
“The BN government when I was the PM managed to raise the country's reserves and wealth by RM1.2 trillion from RM800 billion in 2008 to RM2 trillion.
“We left this country with a vast reserve and wealth before the GE14.
“The current government can rebuild the country's reserves and resources after the Covid-19 crisis,” he said.
Najib said the fact that many countries have resorted to using the “cash is king” approach is a proof that his approach before had worked for the people and the economy and did not “bankrupt the country” as alleged by the Opposition then.
“This is the true meaning of “cash is king” that has been debunked and ridiculed by Pakatan Harapan many times before GE14.
“I tried to explain it to him (Dr Mahathir), but he didn't want to understand or pretended as if he didn't. He mocked and despised me.
“Many people were also deceived by his deceit at the time that 'cash is king' was a bad thing and that our economy was already bankrupted by me. Although I raised the country's wealth at the greatest rate in history,” he said.