PUTRAJAYA, March 12 — The government will prioritise efforts to maintain economic stability, mitigate the impact on the cost of living, and ensure the domestic economy continues to function well in the wake of current geopolitical challenges and global economic uncertainties.
Economy Minister Akmal Nasrullah Mohd Nasir said conflicts in West Asia could disrupt the stability of global energy supply and international trade flows, triggering commodity price shocks.
“Hence, in facing this challenge, we must not see it simply as a risk. Instead, this will open up space for Malaysia to strengthen economic resilience and restructure the economy around value creation.
“That is why the 13th Malaysia Plan (13MP) must be seen not just as a five-year plan, but as the main instrument to drive reform, strengthen resilience and ensure the well-being of the people in a sustainable manner,” he said during the launch of the MyRMK System: The 13MP Policy Implementation Plan Monitoring System here today.
Akmal Nasrullah said the 13MP implementation and monitoring mechanism was also strengthened through improvements to the role of the inter-agency planning group, which is now no longer focused solely on planning but also emphasises policy implementation and monitoring.
“In this context, the MyRMK system launched today is an important shift in strengthening the governance of national development.
“MyRMK was developed as an integrated monitoring platform that links implementation information, financial performance, output achievement and issue status across ministries and agencies,” he said.
He said integration with other systems, such as MyProjek and MyBelanjawan, would allow the government to monitor implementation more comprehensively, transparently, and responsively.
“For this reason, the monitoring of the 13MP will be implemented through two main axes, namely system-based monitoring, through MyRMK and real-time data integration, and field-based monitoring, through management engagement sessions, site visits, progress checks and regular field visits.
“This approach is important because sometimes a project looks smooth on paper, but faces real constraints on the ground, namely coordination issues, delays, site problems, accessibility, specifications, or changing needs of the local population,” he added.
Meanwhile, speaking to reporters after the launch, Akmal Nasrullah said that, so far, current developments indicate the West Asia conflict is unlikely to end anytime soon.
He said that even though the conflict could be over, the global economic situation will not necessarily return to normal immediately as the recovery process takes time.
“Even when the conflict is over, there are things that require a certain period of time to recover,” he said.
In this regard, Akmal Nasrullah said the Ministry of Economy is closely monitoring several key indicators, namely inflation rates, supply chain stability, and rising global transportation costs, to assess their impact on the domestic economy.
He said relevant ministries (including the Ministry of Finance and the Ministry of Domestic Trade and Cost of Living) would implement mitigation measures at the operational level, while the Ministry of Economy would monitor developments comprehensively from a macroeconomic perspective.
“Certainly, each relevant ministry is closely aware of the actual situation as they are at the operational and mitigation stages, while the Ministry of Economy will monitor the situation as a whole,” he said.
Akmal Nasrullah said a special Cabinet meeting would be held tomorrow to review current developments and the impact of the conflict in West Asia on the country’s economy, adding that initial discussions were held yesterday with several relevant ministries to assess the situation.
“We will present the findings (from the discussions) to tomorrow’s meeting to be refined and discussed for the next course of action,” he said.
Prime Minister Datuk Seri Anwar Ibrahim reportedly said yesterday at a special press conference that a special committee has been activated to assess the economic impact of the conflict between the United States and Iran.
The special committee is chaired by Finance Minister II Datuk Seri Amir Hamzah Azizan, who will make an assessment together with the Economy Minister and other relevant ministers. — Bernama
