Measures to support business should be coupled with reforms - IDEAS

KUALA LUMPUR: The Institute for Democracy and Economic Affairs (IDEAS) has asserted that measures to support businesses announced in Budget 2021 should be coupled with reforms to ensure firms can adapt and innovate for the long term.

In the case of tourism, targeted financial support should be coupled with regulatory reform to outdated tourism regulation and supporting digitalisation, it said in a statement today.

“The pandemic has precipitated an unprecedented crisis which calls for an unprecedented response, including support for the most vulnerable businesses.

“However, the disruption from the pandemic is likely to continue and some changes may be permanent. Some sectors, such as tourism, were struggling before the crisis and in need of reform,” it said.

IDEAS also welcome Finance Minister’s commitment to implement the National Anti-Corruption Plan (NACP) and to dedicate the necessary human resources to strengthening governance and integrity in the country.

It said the reform outlined in the NACP includes to reform public procurement, political financing and government-linked company (GLC) are vital steps to ensuring Malaysia has the institutional foundations for a prosperous economy and free society.

-- BERNAMA