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PETALING JAYA: Lim Guan Eng has urged Prime Minister Muhyiddin Yassin to allow a vote of no confidence to be tabled in Parliament to address concerns about political instability raised by Fitch Ratings in their latest report.
The DAP secretary general said the recent removal of Perak Menteri Besar Ahmad Faizal Azumu by Umno, PPBM’s own ally in Perikatan Nasional (PN), highlighted Muhyiddin’s slim majority in parliament as the cause of political instability.
He said Muhyiddin’s refusal to allow the vote of no confidence to be filed only showed the prime minister’s fear of losing his parliamentary majority, adding that political uncertainty would only weaken investor confidence.
“Any delay will only perpetuate the current toxic political culture of sacrificing national interests for selfish personal survival,” he said today in a statement.
Lim said worsening governance was another reason for the downgrade, citing political appointments in several government-linked companies and that negotiated tenders take precedence over open tenders.
He urged Putrajaya to work with all political parties to resolve the political and economic crises, thereby regaining Malaysia’s sovereign A credit rating, and described the downgrade as a “vote of no confidence in PN’s economic performance.”
“It is an urgent wake-up call for the PN government to carry out urgent political and economic structural reforms.
“Unless PN seeks to unite and work together to bring certainty, clarity and coherence to our political and economic policies, the outlook for Malaysia will not be bright and the outlook foresees risks of future downgrades,” he said.
Last week the US credit rating agency Fitch Ratings had lowered Malaysia’s sovereign rating from “A-” to “BBB +”, with an improved outlook from negative to stable.
