Najib announces structure, functions of special economic committee

Najib, who is also Finance Minister, said the SEC would report directly to him and he would scrutinise the current issues like the ringgit's value, maintaining the stability of the financial industry as well as improving confidence in the capital markets.

He said the setting up of SEC took into account the current situation to tackle and reduce any global impact on the country's economy.

"The decision to set up SEC is based on the need of the government to develop and implement immediate measures and plans to ensure that Malaysia continues to grow," he told a media briefing on the establishment of the SEC here today.

Minister in the Prime Minister's Department, Senator Datuk Seri Abdul Wahid Omar, will chair the committee which comprises economists and corporate leaders.

Other members included Deputy Chairman of Khazanah Nasional Bhd, Tan Sri Nor Mohamed Yakcop; Khazanah Nasional Managing Director, Tan Sri Azman Mokhtar;

Chief Adviser of China Banking Regulatory Commission, Tan Sri Andrew Sheng Len Tao; Chief Executive of Symphony Life Bhd, Tan Sri Mohamed Azman Yahya; and CIMB Group Chairman, Datuk Seri Nazir Razak; RAM Holdings Bhd Chief Executive Officer, Datuk Seri Dr K.Govindan; Vice-Chancellor of Universiti Kebangsaan Malaysia, Prof Datuk Moor Azlan Ghazali; Chairman of Association of Banks in Malaysia, Datuk Abdul Farid Alias; and, President of Federation of Malaysian Manufacturers, Datuk Seri Saw Choo Boon.

The committee will under a secretariat in the Economic Planning Unit where its Deputy Director-General, Datuk K.Yogeesvaran, will head it.

Najib said several officers from the Finance Ministry, Bank Negara Malaysia, Ministry of International Trade and Industry, Securities Commission, Prime Minister's Office and Economic Planning Committee, and the Prime Minister's Department will also be included in the committee.

Najib said the committee was merely a short-term solution will only be operational until the global economy bounced back.

"It is short term in nature," he said.