KUALA LUMPUR, Oct 21, 2015:
There has to be a separation of Prime Minister and Finance Minister portfolios to avoid excessive concentration of power held by one individual, states opposition pact Pakatan Harapan.
In reference to Prime Minister Datuk Seri Najib Razak, who currently helms both positions, the proposal was stated in the coalition’s alternative 2016 Budget. Its leader, Datuk Seri Dr Wan Azizah Wan Ismail (Permatang Pauh-PKR), said the proposal was to restore investors’ confidence in the nation’s market with institutional reforms.
“Nations tend to fail when they have political institutions that concentrate political power in the hands of a few, without constraints, checks and balances or the rule of law.
“This leads to economic institutions that create an unequal distribution of opportunities, income and resources.”
Other reforms proposed under the budget include Parliamentary oversight of sovereign wealth funds for greater accountability, accountability and full independence of regulators which include the Malaysian Anti-Corruption Commission (MACC), Attorney-General, Bank Negara Malaysia and Parliament.
It also proposed for non-political appointment of regulators.