Govt to continue reinforcing economic fundamentals: Wahid Omar

The government will continue efforts to reinforce the country's economic fundamentals in order to strengthen its rating status by international rating agencies, said Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar.

"We have three rating agencies – Moody’s, S&P and Fitch Ratings – and all three have given the same credit rating of between A3 and A- with stable outlooks.

"Fitch's ratings for Malaysia factored in the government's proactive measures in the recalibrated Budget 2016," he told reporters after launching Ekuinas' corporate social responsibility (CSR) programme here today.

On Tuesday, Fitch Ratings affirmed Malaysia's long-term foreign- and local-currency issuer default ratings (IDRs) at 'A-' and 'A' respectively, with table outlooks.

Malaysia's senior unsecured local-currency bonds were also affirmed at 'A' while the country ceiling was affirmed at 'A' and the short-term foreign-currency IDR at 'F2'.

Fitch said the key rating drivers included the government's commitment to fiscal consolidation, stability of the ringgit, and more robust reserve and economic growth.

Meanwhile, Wahid said the government's plan to allocate more funds to Ekuinas had to be postponed amid the global economic challenges.

"However, I am confident Ekuinas has sufficient funds to continue its activities," he said.

The private equity firm's CSR programme, called ILTIZAM, takes inspiration from the resolve and resilience of those wanting to bring about effective renewal and transformation.

CEO Datuk Abdul Rahman Ahmad said the company's CSR activities focus on entrepreneurship, education and community, in line with Ekuinas' main agenda of creating a sustainable and positive impact on business and society.

"Over the last five years, Ekuinas has invested over RM13 million for its CSR activities and set aside RM18 million for the next three years to help those who are qualified to realise their potential," he said.

Abdul Rahman also congratulated Syed Yasir Arafat Syed Abd Kadir, who will succeed him on March 1 after he completes his contract on Feb 29.