GEORGE TOWN: The Malaysian economy is already in recession, according to former finance minister Lim Guan Eng (pix).
Lim, who is DAP secretary-general, said the decision by Bank Negara Malaysia to lower the overnight policy rate (OPR) by 25 basis points to a record low of 1.75% was clearly an attempt to mitigate the impact of the slowdown caused by the Covid-19 pandemic.
“The lowering of the OPR and downgrade of Malaysia’s international credit outlook rating shows that the recession is already here,” he said.
Lim said this also showed that the RM35 billion stimulus package, which has already exceeded this year’s national Budget, has failed to salvage jobs and businesses.
He said the government will now have to do more than just heeding his earlier call for the moratorium on bank loans to be extended beyond September.
Lim said MPs should see the Dewan Rakyat sitting on Monday as an opportunity to stand with the people and to work for the benefit of the economy and not purely for personal position or power.
“We need to defend the Dewan from being used as a political tool by MPs who have betrayed the people’s mandate. We must uphold Parliament as an institution of integrity and high standing,” he added in a statement.
