Latest news with #economicdevelopment
Malay Mail
10 hours ago
- Business
- Malay Mail
Fahmi: Final draft of 13th Malaysia Plan not rushed, backed by weeks of ministry input
KUALA LUMPUR, June 28 — The final draft of the 13th Malaysia Plan (13MP) was not hastily prepared but has undergone weeks of inter-ministerial consultation and review, Datuk Fahmi Fadzil said today. According to Utusan Malaysia, the official spokesman for the unity government said the process of revising and coordinating the draft of the 13th Malaysia Plan began two weeks ago, following an instruction from Prime Minister Datuk Seri Anwar Ibrahim. He added ministries were directed to study the preliminary draft submitted by the Ministry of Economy. 'The prime minister instructed all ministries to review the 13MP draft presented by the secretary-general of the Economy Ministry about two weeks ago, on a Wednesday. 'Subsequently, by the following Friday, all ministries were asked to submit written feedback to the Economy Ministry,' Fahmi reportedly said today. He was speaking to reporters after launching the Nadi Aspirasi Nasional Bersama Anak Muda (Nanba) programme organised by the Community Communications Department (J-KOM) at IWK Eco Park @ Pantai Dalam today. Fahmi, who also serves as minister of communications, said a special Cabinet session was convened early last week to consider the input from various ministries before the plan was finalised at Wednesday's full Cabinet meeting. He said the discussions yielded a range of proposals and adjustments that had to be incorporated into the final document. 'These included requests and adjustments from several ministries that required further consideration by the Economy Ministry. 'As such, the Cabinet agreed for Second Finance Minister Datuk Seri Amir Hamzah to take over the responsibilities and functions of the economy minister in finalising the 13MP draft before it is printed and tabled in Parliament,' Fahmi added. Rafizi, who resigned earlier this month, criticised the last-minute revisions yesterday, warning that rushing the process could undermine the credibility of national policy.
Zawya
a day ago
- Business
- Zawya
Minister of Planning, Economic Development and International Cooperation Participates in High-Level Session on "Belt and Road Initiative" during World Economic Forum (WEF) Meetings in China
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the high-level discussion session titled "Where is the Belt and Road in 2025?" during her role as a co-chair of the World Economic Forum meetings, held from June 23-26, 2025, under the theme 'Resilient Economic Policies to Keep Up with Global Change' in Tianjin, China. The event saw high-level participation from policymakers, private sector leaders, and entrepreneurs from over 90 countries. During her speech, H.E. Dr. Rania Al-Mashat pointed out that international partnerships are always built on shared and mutual interests, adding that the large number of countries participating in the Belt and Road Initiative reflects its importance. She noted the celebration last year of the 10th anniversary of the initiative's launch, where participating countries showcased projects being implemented under the Belt and Road Initiative, which supported sustainable infrastructure in areas such as transport, renewable energy, and ports. H.E. Dr. Al-Mashat added that each of these projects reflects the national priorities of the countries, and for Egypt, the projects were consistent with the national agenda and strategic goals of the state. Regarding the stimulating factors contributing to accelerating the implementation of these projects, H.E. Dr. Al-Mashat outlined that the Belt and Road Initiative has been a real catalyst in many cases for advancing national strategies. She pointed to the emergence of a number of national and international initiatives that integrate with and support the Belt and Road Initiative in the recent period, noting that China launched the Global Development Initiative several years ago, and many projects implemented under that initiative run in parallel with and support Belt and Road projects. H.E. Minister Al-Mashat also mentioned the issue of financing, explaining that much of the funding directed to these projects came through development finance. She highlighted that, with regard to sustainable transport and renewable energy projects in Egypt, there is a significant mobilization of resources towards the private sector, including low-cost development finance that has contributed to advancing investments. Regarding relations between Egypt and China, H.E. Dr. Al-Mashat stated that the historic visit of the Chinese President to Egypt in 2014 was an important starting point in Egyptian-Chinese relations, followed by the signing of MoU on the Belt and Road Initiative. She noted that relations between the two countries are based on two main aspects: the first relates to investments, with Chinese companies investing in Egypt, and the second is development cooperation between the two governments. Regarding development cooperation, H.E. Minister Al-Mashat indicated that it includes projects in multiple fields such as health, satellites, and capacity building, noting the role of the China International Development Cooperation Agency (CIDCA) in supporting Egypt's development agenda, in addition to China signing a debt swap agreement several years ago. She added that Egyptian-Chinese relations are also based on investment and trade, pointing to a large number of Chinese companies within the China-Egypt Suez Economic and Trade Cooperation Zone in Egypt, where more than 150 companies operate, providing over 10,000 job opportunities, with diverse activities across multiple sectors. H.E. Dr. Al-Mashat reiterated that the Belt and Road Initiative does not impose a specific plan on countries; it is not an initiative based on a centralized blueprint that obliges each country to a specific path or project. Instead, it is a flexible framework that adapts to the priorities of each individual country. Regarding the issue of financing, H.E. Dr. Al-Mashat referred to the "4th Financing for Development" conference to be held in Seville on June 30, a UN conference held every ten years focusing on ways to finance development in developing and emerging economies. She explained that one of the most prominent messages of this conference is that the world needs to reduce reliance on debt and increase the mobilization of resources from the private sector to finance development projects. H.E. Minister Al-Mashat added that each country has full ownership in designing its projects, in line with its national vision, to then include these projects within the broader framework of the Belt and Road Initiative. Furthermore, the cost of implementing these projects represents a common challenge and has been a strongly debated issue on the global stage for years, requiring innovative solutions and multiple sources of financing. She noted that, concerning debt, there are many international initiatives aimed at addressing this issue, including "debt-for-development and investment swaps" mechanisms. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Why last-minute revamp of 13th Malaysia Plan, Rafizi asks govt
Former economy minister Rafizi Ramli said the 13th Malaysia Plan is an important document for the nation. PETALING JAYA : Former economy minister Rafizi Ramli has questioned the government's decision to revamp the 13th Malaysia Plan (13MP), slated to be tabled in Parliament at the end of July. Rafizi said the last-minute overhaul of the next five-year development plan would raise concerns among the civil servants who prepared the 13MP, market analysts, and Malaysians as a whole. The PKR MP for Pandan also asked whether the changes would be rushed since there would be insufficient time to refer the plan to the inter-agency planning group, the technical working group, and experts who formulated the initial 13MP. 'Why is this overhaul of the 13MP arising now when there was no such issue raised when the economy ministry and I tabled the contents of the 13MP previously? 'The 13MP is an important document for the nation and Malaysians, developed by thousands of Malaysians from various segments of society. If we're not careful, the 13MP will be dragged into political polemics which would end up affecting the people's confidence in the final document. 'If this happens, it would be a great injustice to those who worked hard on the 13MP over the past year,' he said in a statement. Earlier today, the government announced that finance minister II Amir Hamzah Azizan has taken on the duties and functions of the economy portfolio, and given the duty of overhauling the 13MP. Amir said he had received 'a lot of feedback' from his Cabinet colleagues on the plan, which necessitated an overhaul of the document. Rafizi said the preparation of the 13MP started in September 2024 when feedback was obtained from all stakeholders, first through the inter agency planning group which involved every government ministry and agency. Then, he said, there was a technical working group comprising policy experts in specific areas, from health, fiscal and education reforms to micro, small and medium-sized enterprises. He said there were also numerous engagements between the economy ministry and state governments, industry players, and MPs from September to December 2024. 'At the same time, there was a 'top down' process, namely the development of key policies that were bold and radical, running concurrently involving the economy ministry and experts. 'These policies, categorised according to the various fields, were identified as key catalysts for structural reforms in those areas. These bold and radical policies that were proposed may not have been acceptable to the relevant ministries. 'That's why I tabled them to the prime minister multiple times beforehand between February to April, and tabled it twice to the Cabinet to achieve a compromise and consensus,' he said. Rafizi said there was a tight schedule to prepare and table the 13MP compared with previous Malaysia plans. He also said the 13MP was fully developed by civil servants without the involvement of external consultants.
Zawya
2 days ago
- Business
- Zawya
Africa's diaspora remittances in danger
Diaspora remittances have long been a vital source of financing for Africa, providing a sustainable economic lifeline. With inflows reaching up to $100bn annually, these funds outstrip foreign aid and often rival government budgets. In Nigeria, for instance, diaspora remittances in 2019 stood at $23bn – surpassing the federal budget of $18bn. These funds sustain essential needs such as education, healthcare, and daily living expenses, effectively holding up half the nation. Beyond family support, re- mittances serve as low cost or interest-free capital for count- less small businesses that struggle to access local bank- ing due to exorbitant interest rates. Despite these clear ad- vantages, African financial systems have been slow to harness the full potential of remittances. Continental banks continue to play second fiddle to Western Union and Money- Gram (though smaller digital platforms are making inroads) and governments have been slow to develop bold plans that incorporate diaspora finance. Recognising the untapped opportunity, Nigeria is now taking steps to channel dias- pora capital into strategic in- vestments. The recently pro- posed Diaspora City, a tourism and investment hub near Abuja spanning 675 hectares, seeks to convert remittances into na- tional economic assets. A collaborative effort be- tween the Federal Government, the Federal Housing Author- ity, the Nigerians in Diaspora Commission and the Federal Capital Territory, this initiative is part of the Motherland 2025 vision, a bid to position Nigeria as a global epicentre of Black and African culture, commerce, and community. This Nigerian model surely builds on Ghana's 2019 Year of Return, which attracted 1.5m visitors and generated an ad- ditional $1.8bn for the economy – second only to cocoa and gold revenues. The Year of Return convinced African governments of the efficacy of the approach and similar frameworks, such as Lagos' 'Detty December', are now being replicated across the continent, transforming diaspora wealth into tourism spending as well as longer- term economic assets. However, this critical finan- cial pipeline now faces signifi- cant global threats. The United States has intensified efforts to deport 10m undocumented migrants, ensuring a devastat- ing impact for high-remittance nations like Mexico and, by ex- tension, Nigeria. Should Europe follow suit with stricter immi- gration policies, remittances, which are dependent on settled as well as new migrants, might decline in the long term. These global shifts have been years in the making. Key global events – from 9/11 to the 2008 financial crisis, Covid-19, and recent conflicts – have steadily reshaped geo- politics and the retreat from US-dominated globalism. With the return of Trump to the US Presidency, these tectonic movements are accelerating. A 'Big Three' carve-up? A new Yalta-style conference may be on the horizon, par- ticularly given Trump's geo- political manoeuvres – over Greenland, Panama, Canada – and his just-concluded call with Putin to agree exchange visits. It is not inconceivable that such a realignment could take place on 9 May, during Moscow's World War II Victory Day celebrations, an event that Chinese President Xi Jinping has already confirmed he will attend. Could a new 'Big Three' decide spheres of influence, with Trump controlling the Americas, Putin dominating Europe, and Xi leading Asia- Pacific, with attendant global financial systems anchored by a multipolar structure in- corporating a reformed World Bank and IMF, alongside the expanding BRICS+ economic bloc? This is a perilous moment for Africa, already embroiled in externally fuelled conflicts in Sudan and the DRC – the con- tinent risks repeating the co- lonial-era divisions that led to it being carved up by predators at the 1884 Berlin Conference. The unfolding global rea- lignment will have profound financial, military, and social consequences. Burdened by a $36trn national debt, Trump has signalled a retreat to ag- gressive economic nationalism – threatening tariffs against both allies and rivals, cutting foreign aid, and using financial sanctions as tools of coercion. As Elon Musk guts the em- pire's extravagant expendi- tures, we should assume at some point that the US will also attempt to stem the so called 'leakages' to its economy that it thinks remittances represents. When Trump first threatened to make Mexico pay for build- ing his wall in 2016, it was be- lieved that he would achieve this via a tax on the $55bn Mexican remittance figure. Given the importance of re- mittances to our economies, we should be assessing the worst-case scenarios, while at the same time intensifying the bold visions of Ghana and Nigeria to harness these re- sources for strategic develop- ments. n In Nigeria, diaspora remittances stood at $23bn in 2019 – surpassing the federal budget of $18bn. © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. ( BY ONYEKACHI WAMBU
CTV News
2 days ago
- Business
- CTV News
Local businesses getting a boost from Economic Development Regina
WATCH: A new program from Economic Development Regina is looking to help local companies expand. Mick Favel explains.
