Former Prime Minister Tun Mahathir Mohamad on his blog chedet.co.cc, has congratulated the Selangor State Government on the appointment of Dato’ Seri Anwar Ibrahim as the State’s Economic Advisor with an annual salary of RM1.

According to him maybe the Selangor State Government wasn’t aware of Anwar’s performance when he was the Finance Minister during the Malaysian economic crisis in the late nineties. At that time he was fixated with the International Monetary Fund’s policy (IMF). By taking the advice from both Michel Camdessus and James Wolfensohn (his personal friend) from the World Bank he lowered government spending in order to reach a surplus. He also raised the interest rate which affected businessmen negatively.

This was being viewed by the media as practicing IMF policy without the present or funding from IMF. It singlehandedly worsen Malaysian economy resulted into the weakening of the Ringgit. Obviously this signaled Anwar’s inability to manage Malaysian financial affairs.

It was the MTEN (National Economic Action Council) who introduced the currency control move to stop CLOB (Central Limit Order Book) from trading our currency. MTEN’s action saved Malaysian economy when both the Governor and Deputy Governor of the National Bank (Bank Negara Malaysia) were trying to warrant the failure of the currency control move. It is a known fact that both of them were under the authority of the Finance Minister.
Finally Tun Mahathir wishes all the best to the Selangor State Government so that they won’t fall under the ploy of their newly appointed Economic Advisor.

*Rehashed and translated from chedet.co.cc 

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