Fiscal policy panel meeting to discuss nation's economic position

The fiscal policy committee will meet next week to discuss the country's current economic position, said Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah. Ahmad Husni said the meeting would table for approval various initiatives and available options to ensure Malaysia's economy would be strong and sustainable. "Prime Minister Datuk Seri Najib Razak would announce the outcome of the meeting," he told reporters on the sidelines of the launch of Securities Commission's Graduate Representative Programme (GRP1000) here today. On the fiscal policy, he said, the Finance Ministry was looking at ways to enhance the trade. "Malaysia is currently in a challenging economic position due to external economic slowdown which has affected our exports, the main drivers of our economic growth," he said. Last week, Bank Negara Malaysia revised the country's gross domestic product (GDP) growth to 4.5-five per cent from 5.6 per cent due to weaker export demand and prolonged weak economic growth in US, Europe, China and India. Earlier, in his speech at the launch of the GRP1000, Ahmad Husni said the nation's economic slowdown was in line with the World Bank's revised 2013 global GDP forecast of less than 2.2 per cent. He said Malaysia, however, was in a fortunate position as the country's economic and financial stability remained intact throughout the challenging condition. "We got into this position not by luck but through sound economic management supported by strong transformation initiatives," he said. Ahmad Husni said the economy has benefited from the Economic Transformation Programme which gave the private sector sufficient confidence to increase investments. For first quarter of this year, investments increased to RM49.3 billion significantly higher than corresponding quarter last year, with domestic investors contributing 63 per cent. He said foreign direct investments grew to RM18.3 billion from RM9.6 billion in the same quarter last year.