Anwar calls for a vote of confidence against Perikatan in Parliament after Malaysia’s credit downgrade | Malaysia

KUALA LUMPUR, December 7 – Opposition leader Datuk Seri Anwar Ibrahim today proposed a vote of confidence to be presented in Parliament against the government of Perikatan Nasional (PN), questioning its ability to lead Malaysia competitively in a post-Covid economy.

The PKR chairman said the confidence motion was necessary after international credit rating agency Fitch lowered Malaysia’s long-term foreign currency issuer default rating from A- to BBB + last week.

While Malaysia was given a stable outlook, the rating agency commented that the slim two-seat parliamentary majority in the PN government implies persistent uncertainty about the country’s future policies.

Anwar said that Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz had not addressed these issues and accused the former banker of being “disdainful” of Fitch’s views.

“This is, of course, a concern and we have a statement to say that the focus of the criticism and assessment we face is on the issue of stability and governance and this was not addressed by the finance minister.

“It was very derogatory. He’s very unfortunate, very political in his comments, lack of focus and professionalism on his part.

“So we think this needs to be addressed because it negatively affects the economy and this requires a vote of confidence in the government,” Anwar told reporters in Parliament today after Dewan Rakyat’s session ended for the day.

The Port Dickson MP said the vote of confidence should take place immediately after the 2021 budget debates end.

“The government must allow this seriously and the president must have the courage to respect parliamentary procedures and demands,” he said.

He said that if the matter is not resolved, Malaysia’s credit ratings could decline further, affecting its economic outlook.

In its downgrade, Fitch said the review was primarily driven by the negative impact of the Covid-19 pandemic on Malaysia’s fiscal position and the current domestic political situation.