KUALA LUMPUR: Structural reforms will enhance Malaysia's global competitiveness relative to other nations that are also rapidly working to bolster their growth potential, address fiscal deficits, and improve resource efficiencies.
Finance Minister II Datuk Seri Amir Hamzah Azizan said structural reforms are already in motion to capitalise on new growth opportunities, foster long-term development, and strengthen resilience against future shocks while seizing emerging opportunities.
The reforms include enhancing fiscal resilience, strengthening the labour market, quality investment, climate resilience and good governance.
Amir Hamzah said the Public Finance and Fiscal Responsibility Act (FRA) and the Medium-Term Fiscal Framework (MTFF) are crucial measures to broaden and diversify the revenue base.
While the Progressive Wage Model will promote equal and inclusive opportunities for all Malaysians, by uplifting income and improving productivity.
While these are naturally complex undertakings, Amir Hamzah said the government is fully invested in working with all parties to deliver them.
"The financial sector fraternity could play a pivotal role in this journey by harnessing their expertise, resources and influence to chart a more resilient, inclusive, and sustainable economic future for Malaysia," in his keynote address at the Sasana Symposium 2024 titled " Structural Reforms: Making it a reality for Malaysia.
"Only by working together, can we make structural reforms a reality," he said in his keynote address at Bank Negara Malaysia (BNM)'s Sasana Symposium 2024 here today.