Latest news with #structuralreforms
Free Malaysia Today
5 hours ago
- Business
- Free Malaysia Today
Ensure accountability in deals flagged by A-G, says TI-M
TI-M president Raymon Ram said the Auditor-General's Report must not be 'an annual ritual of regret' but followed by structural reforms. (Facebook pic) PETALING JAYA : Transparency International Malaysia (TI-M) has urged the government to ensure accountability after the Auditor-General's Report 2025 flagged issues involving several projects worth hundreds of millions of ringgit. TI-M president Raymon Ram said the report unveiled irregularities and systemic weaknesses in financial management and procurement oversight, necessitating structural reforms. Raymon said such issues were not new and had been repeatedly flagged by the audit department, but they had continued because of outdated procedures, weak oversight and a culture of impunity. 'Where is the accountability for all these lapses? 'The government must take a firm stance and hold the leadership accountable for discrepancies involving public funds. 'These recurring findings highlight institutional weaknesses that demand more than administrative corrections; they require structural reform,' he said in a statement. Raymon said the revelations further erode the confidence of Malaysians in public institutions. The A-G's report flagged serious issues on how more than RM460 million of government funds was spent on land deals, university tenders, and defence contracts between 2020 and 2024, naming Felcra Bhd, Universiti Kebangsaan Malaysia (UKM), and the army. He urged the Malaysian Anti-Corruption Commission and the police to initiate investigations into these issues to look into the possibility of fraud, abuse of power or negligence. He also called on the relevant government ministries, departments and agencies to disclose the remedial actions they would take within 30 days to show responsibility and ensure public confidence. The government must make it mandatory for independent third-party experts to be roped in to monitor high-risk procurements under 'integrity pacts', involving civil society and professionals from the private sector, he said. Raymon also urged Putrajaya to table a comprehensive public procurement law that outlines transparency standards, penalties for non-compliance and clear procurement dispute mechanisms. 'The A-G's report must not be an annual ritual of regret. 'It must serve as a catalyst for reform, one that rebuilds institutional integrity, ensures justice for wrongdoing and protects the interests of the rakyat,' he said.
Zawya
4 days ago
- Business
- Zawya
Mauritius: African Development Bank Urges Bold Reforms to Unlock Capital and Accelerate Sustainable Growth in 2025 Report
The African Development Bank ( has urged Mauritius to accelerate structural reforms to unlock its vast capital potential and advance long-term, sustainable growth. The Bank made the call during the launch of its 2025 Country Focus Report for Mauritius, titled ' Making Mauritius' Capital Work Better for its Development.' The report notes that while Mauritius continues to post strong economic performance—recording real GDP growth of 4.9% in 2024, slightly down from 5% in 2023—structural constraints and external shocks continue to undermine the country's growth trajectory. Key growth drivers in 2024 included construction, financial services, trade, and tourism, with arrivals reaching 1.38 million, representing 97% of pre-pandemic levels. On the demand side, consumption and investment were the primary drivers of growth. Despite the persistent challenges, the report underscores Mauritius' significant untapped potential. In 2020, the island nation's total national wealth was estimated at over $96 billion—more than six times its GDP—comprising human, financial, natural, and produced capital. In addition, Mauritius' vast ocean economy resources, within its 2.3 million km² Exclusive Economic Zone, offer immense opportunities for developing a sustainable blue economy. Speaking at the launch event, Mahess Rawoteea, Deputy Financial Secretary at the Ministry of Finance, welcomed the recommendations in the report. 'We are confident that the structural reforms outlined in the 2025–2026 Budget Speech will unlock significant investments, particularly in renewable energy, and contribute to higher GDP growth,' he said. Rawoteea emphasized the central role of human capital in Mauritius' development, while acknowledging persistent challenges such as education quality, skills mismatches, low female labor participation, demographic shifts, and youth emigration. He announced the establishment of a Climate Finance Unit within the Ministry of Finance to help bridge the country's climate financing gap. 'Mauritius is undertaking institutional reforms to better mobilize domestic and foreign capital and promote sustainable development,' he added. 'We are streamlining processes, enhancing transparency, and improving the ease of doing business. Environmental protection, including addressing beach erosion, is also a key priority.' Rawoteea expressed appreciation for the African Development Bank's support, particularly in mobilizing investments in renewable energy and the ocean economy—two sectors identified as future growth pillars. In his keynote remarks, Prof. Kevin Urama, the Bank Group's Chief Economist and Vice President for Economic Governance and Knowledge Management, emphasized Africa's broader potential for transformation. 'If Africa commits to investing in its own development and managing its assets efficiently, it can reduce external dependency and harness its enormous capital for transformative growth,' he said. Urama cited weak tax administration and inefficiencies in revenue collection as major constraints to development, urging a fundamental rethink of public financial management across the continent. Wolassa Kumo, the Bank's Principal Country Economist for Mauritius presented an overview of the report. The launch event attracted senior government officials, development partners, private sector leaders, and civil society representatives. Among those in attendance were Hervé Lohoues, the Bank's Division Manager for the Country Economics Department covering Nigeria, East Africa and Southern Africa, and Nontle Kabanyane, the Bank's Principal Country Programme Officer, who moderated a panel discussion. The panel explored strategies for mobilizing domestic capital more effectively by strengthening institutions, improving regulatory frameworks, increasing transparency and accountability, and deepening regional trade integration. Panelists included: Dr. Zyaad Boodoo, Ministry of Environment, Solid Waste Management and Climate Change (natural capital), Mauritius? Mr. Sanjev Bhonoo, Principal Statistician, Statistics Mauritius (natural capital) Mr. Ricaud M. Auckbur, Chief Technical Officer, Ministry of Education and Human Resources (human capital), Mauritius? Ms. Zaahira Ebramjee, Head of National Economic Collaboration, Business Mauritius (business capital) Mr. Vikram Ramful, Head of Listing, Stock Exchange of Mauritius (financial capital) Click here ( to download the report. Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group is Africa's leading development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member countries. For more information:
Bloomberg
10-07-2025
- Business
- Bloomberg
Pimco Sees Japan Wooing Capital as Tariffs Spur Diversification
Japan has emerged as a prime destination for global investors as the trade war triggers a reassessment of capital flows into the US, according to Pacific Investment Management Co. The Asian nation is drawing inflows that seek to benefit from 'once-in-a-generation structural reforms ' in equities and rising rates in fixed income after decades of monetary stimulus, according to Ben Ferguson, co-head of Pimco in Japan. US President Donald Trump's policy announcements have been 'disruptive' and the latest tariff announcements 'highlight the need to, at least consider diversification,' he added.
Yahoo
02-07-2025
- Business
- Yahoo
Brussels backs World Economic Forum's push to tackle Europe's decline
The European Commission has thrown its support behind a new effort to foster ideas designed to boost the EU's economic competitiveness on Tuesday, joining business leaders and experts at the launch of a new initiative coordinated by the World Economic Forum. The project, Leaders for European Growth and Competitiveness, aims to drive structural reforms across four key areas: clean energy and industry, emerging technologies, financial markets and international partnerships. It builds on discussions held in Davos earlier this year, but Tuesday's event in Brussels marked a more concrete step toward shaping policy. The initiative aims to gather stakeholders in workshops to propose concrete solutions with the hope that these lead to tangible reforms at EU level. The initiative is backed by several senior EU figures, including Commission President Ursula von der Leyen, European Parliament President Roberta Metsola and Council President António Costa, who hosted or participated in sessions throughout the day. Each of the initiative's four pillars is co-chaired by a European Commissioner. Wopke Hoekstra, Commissioner for Climate, Net Zero and Clean Growth, is leading a pillar on clean and competitive industry and energy. Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security and Democracy, oversees the workstream on emerging technologies, focused on strengthening Europe's position in areas like AI and digital infrastructure. Maria Luís Albuquerque, Commissioner for Financial Services, co-chairs the pillar on financial markets, which aims to deepen capital market integration and mobilise private savings for investment, while Jozef Síkela, Commissioner for International Partnerships, leads the work on strategic alliances, targeting new trade and investment ties to secure supply chains and critical raw materials. While the World Economic Forum, mostly known for its annual Davos gathering, is facilitating the process, the initiative is closely aligned with the Commission's own priorities, including its Competitiveness Agenda and plans for a Savings and Investment Union. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
09-06-2025
- Business
- Arab News
Pakistan expects 2.7% economic growth in FY25 amid weak farm and industrial outlook
KARACHI: Pakistan's economy is expected to grow 2.7 percent in the outgoing fiscal year, missing the government's 3.7 percent target due to what analysts called weaker-than-expected performance in the agriculture and industrial sectors, as Finance Minister Muhammad Aurangzeb unveiled the annual Economic Survey on Monday. The survey, released ahead of the national budget on June 10, serves as a pre-budget document assessing the economy's trajectory over the past year. It outlines key indicators and policy challenges facing the country, which remains under an International Monetary Fund (IMF) program and is navigating a fragile recovery after a prolonged financial crisis. 'This has been a gradual recovery,' Aurangzeb told a televised news briefing in Islamabad, adding that the country's economic performance must be viewed in the larger global context. The finance minister said after contracting by 0.2 percent in FY23, Pakistan's economy grew 2.5 percent last year and is expected to expand slightly to 2.7 percent in the outgoing year. 'We plan to stay the course to ensure that we remain on the sustainable growth trajectory,' he added. Aurangzeb reaffirmed the government's commitment to implementing IMF-backed structural reforms to transform the fundamentals of Pakistan's economy. 'The DNA of Pakistan's economy has to be fundamentally changed through tax and energy reforms that have started showing remarkable results,' he said. The minister maintained staying in the IMF program would help Pakistan bring permanence to its hard-earned macroeconomic stability and reduce its economic vulnerability. 'Implementing a 37-month, US$7 billion IMF Extended Fund Facility (IMFEFF) has bolstered policy credibility and provided essential financial support to promote inclusive and reform-driven growth,' the Economic Survey also proclaimed. Analysts said Pakistan targeted 3.7 percent economic growth for the outgoing fiscal year but was forced to revise it to 2.7 percent last month due to underperformance in the agriculture sector. 'The government did fall short of its 3.7 percent GDP growth target for FY25 and primarily it was due to a major setback in the agriculture sector,' said Sana Tawfik, head of research at Arif Habib Limited. 'The agriculture sector posted a growth of just 0.6 percent so the situation was especially concerning in major crops,' she added. According to the survey, the agriculture sector is expected to grow by 0.56 percent, while the industrial and services sectors are likely to expand by 4.77 percent and 2.91 percent, respectively. Meanwhile, inflation has eased significantly, giving room for monetary easing. Aurangzeb called the inflation trend a 'fantastic story' for Pakistan, with the pace of price hikes slowing to a record low of 0.3 percent in April. Inflation is expected to settle at 4.3 percent in the outgoing financial year. The State Bank of Pakistan also cut its benchmark interest rate by over 1,000 basis points to 11 percent in FY25, with more easing likely ahead. 'This is the domain of the State Bank and the monetary policy committee so I don't want to comment on that,' Aurangzeb said. 'But I do expect where our core inflation is, where headline inflation is, there is room to do more.' On the fiscal side, the survey showed that the government managed to contain the deficit at 2.6 percent of GDP for July-March, compared with 3.7 percent during the same period a year ago. Revenues rose sharply, with tax collections increasing by 26.3 percent to Rs9.3 trillion ($32.9 billion), while total revenues stood at Rs13.4 trillion ($47.5 billion). Primary surplus also improved to 3.0 percent from 1.5 percent. Government expenditure during this period rose to Rs16.3 trillion ($58 billion), with current and development spending increasing by 18.3 percent and 33 percent, respectively. On the external front, Pakistan recorded a sharp turnaround in its current account, moving from a $1.3 billion deficit to a $1.9 billion surplus, driven by improved exports and record remittance inflows. 'The industry also struggled. If you look at the manufacturing sub-sector so LSM [large scale manufacturing] remained in the negative territory,' said Tawfik, noting that weak domestic demand, high inflation and elevated interest rates had weighed on performance. 'In short both demand and supply side factors combined dragged down the overall growth across key sectors of the economy,' she continued. Aurangzeb said the government was working to further reduce energy costs for local investors. 'On the energy side, as I said one-third of the tariffs, seven rupee is not a small amount and Mr. Leghari [power minister] is working on it day in and day out,' he said. Planning Minister Ahsan Iqbal last week said the government was targeting 4.2 percent growth in the next fiscal year starting July. Aurangzeb echoed this target, noting that growth would be driven by a rebound in agriculture and industry. 'This target would be achieved through growth in industries and agriculture that are expected to rebound on the back of government's favorable financial, tax and energy policies,' he said. Pakistan's multilateral and bilateral partners, including the IMF, World Bank, China, Saudi Arabia and the United Arab Emirates, remain supportive of the country's reform path. 'With respect to the Fund and multilateral partners I've already mentioned we are in a good place with them both in terms of the mission and the senior management of the Fund,' Aurangzeb said. 'The monetary institutions and our bilateral partners are standing by us as we move forward.' Shankar Talreja, an economist and director at Topline Research Ltd., expressed optimism about the outlook. 'There will be some natural rebound in important crops under the agriculture segment,' he said. 'Similarly, due to lower interest rates, industrial and services sectors will also post decent growth.'
