The International Monetary Fund (IMF) has asked Malaysia to take “decisive” action on reforms under a model programme aimed at revamping a controversial four-decade-old affirmative action policy.
Malaysian Prime Minister Najib Razak announced in March a ‘New Economic Model’ or NEM, aimed at reforming elements of the policy favouring the country’s majority ethnic Malays in a bid to boost economic competitiveness.
Details of the reform programme, including its timing, have not been announced yet.
The Washington-based IMF said yesterday it was looking forward to the NEM’s rollout.
In a report after annual consultations between the IMF executive board and the Malaysian government, the fund acknowledged the “ambitious vision” of Najib’s administration for a far-reaching economic transformation over the longer term.
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