PETALING JAYA,Dec 7: Lim Guan Eng has urged Prime Minister Muhyiddin Yassin to allow a motion of no-confidence to be tabled in Parliament to address concerns over political instability raised by Fitch Ratings in its latest report.
The DAP secretary-general said the recent ousting of Perak Menteri Besar Ahmad Faizal Azumu by Umno, PPBM’s own ally in Perikatan Nasional (PN), highlighted Muhyiddin’s slim majority in Parliament as the cause for political instability.
He said Muhyiddin’s refusal to allow the no-confidence motion to be tabled only showed the prime minister’s fear of losing his parliamentary majority, adding that the political uncertainty would only dampen investor confidence.
”Any delay will only perpetuate the current toxic political culture of sacrificing national interests for selfish personal survival,” he said in a statement today.
Lim said worsening governance was another reason for the downgrade, citing political appointments in various government-linked companies and negotiated tenders being prioritised over open tenders.
He urged Putrajaya to work with all political parties to resolve the political and economic crises thus regaining Malaysia’s A- sovereign credit rating, describing the downgrade as a “vote of no-confidence in PN’s economic performance”.
“It’s an urgent wake-up call for the PN government to carry out urgent political and economic structural reforms.
“Unless PN seeks to unite and work together to provide certainty, clarity and consistency to our political and economic policies, Malaysia’s prospects will not be bright and the outlook foresees risks of future downgrades,” he said.
Last week, US credit rating agency Fitch Ratings had downgraded Malaysia’s sovereign rating from “A-” to “BBB+”, with an improved outlook from negative to stable.