Anwar calls for a vote of confidence in Parliament against Perikatan after Malaysia’s credit downgrade

KUALA LUMPUR – Opposition leader Datuk Seri Anwar Ibrahim today submitted a vote of confidence in Parliament against the government of Perikatan Nasional (PN), questioning its ability to lead Malaysia competitively in a post-Covid economy.

The PKR president said the confidence motion was necessary after the international credit rating agency Fitch reduced Malaysia’s long-term foreign currency issuer default rating from A- to BBB+ last week.

Though Malaysia was given a stable outlook, the ratings agency commented that the thin two-seat parliamentary majority of the PN government indicates continuing confusion about the future policies of the country.

Anwar said that these concerns had not been addressed by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz and instead accused the former banker of being’ dismissive’ of Fitch’s views.

This is of course, a challenge, and we have a statement that the topic of stability and governance is the subject of the criticism and appraisal we face, and that has not been discussed by the Minister of Finance.

“He was very dismissive. It is rather sad, rather political, a lack of focus and integrity on his part in his observations.

Anwar told reporters in Parliament today after the Dewan Rakyat sitting ended for the day and we believe this must be resolved because it adversely affects the economy and this calls for a vote of confidence in the government.

The MP from Port Dickson specified that the vote of confidence should take place immediately after the end of the 2021 budget debates.

“The government must seriously allow this and the Speaker must have the courage to comply with the procedures and requirements of Parliament,” he said.

He said that if the matter were not resolved, the credit ratings of Malaysia could further decline, affecting its economic prospects. The revision was mainly motivated by the negative effect of the Covid-19 pandemic on Malaysia’s fiscal position and the continuing domestic political situation, Fitch said in its downgrade