The Economic Action Council (EAC) will meet every Monday to discuss measures to be taken amid the backdrop of challenging economic conditions, said Prime Minister Muhyiddin Yassin.
He said cabinet members are aware that the country is not on good footing, especially economic headwinds due to tumbling oil prices and the Covid-19 epidemic.
The council will be chaired by Muhyiddin and will include International Trade and Industry Minister Mohamed Azmin Ali, Finance Minister Tengku Zafrul Tengku Aziz and Economy Minister Mustapa Mohamed.
Putrajaya will also rope in Bank Negara Malaysia governor and experts to be a part of the council.
“The council will convene meetings every week and not every month. The first meeting will be held next Monday,” he told a press conference after chairing the new government’s first cabinet meeting.
Muhyiddin also called on the ministers to unveil their policies as soon as possible.
Muhyiddin said the issues discussed at the council meetings will be brought to the cabinet first on the Wednesday for approval.
There will be a joint secretariat comprising the finance and economy ministries that will oversee the council.
“This is to show the country we will not waste time.”
He said the Perikatan Nasional government was formed “in an extraordinary way and does not have a manifesto”.
As such, it has to outline its policies quickly, keep people informed and gain investor confidence.
As for the previous government’s RM20 billion economic stimulus package to address the impact of the Covid-19 outbreak, Muhyiddin said his government will review it to determine if more funding is needed and of other sectors should be added.
Revisions will be announced in a week or two, he said. – TMI