Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on August 14, 2018

KUALA LUMPUR: The economic affairs ministry (MEA) said yesterday it is not taking over the powers of the ministry of finance (MoF), nor any other ministries.

“There should not be any queries regarding a ministry taking over jurisdictions of other ministries,” said MEA in a written parliamentary reply, dated Aug 6, in response to Ayer Hitam member of parliament (MP) Datuk Seri Dr Wee Ka Siong’s query on MEA’s effort to overcome the issue of overlapping authority with the MoF, as the former had taken over jurisdictions previously under the purview of MoF and other ministries.

“The ownership in shareholdings and the operational management of companies should be separated from the jurisdictions and functions of the ministry regulator in order for the administration and management of the company to be more effective and effusive,” MEA added.

Additionally, MEA said, the prime minister is currently fine-tuning the roles, functions and positions of departments, agencies and companies under the control and supervision of various ministries, including MEA, which is aimed at standardising and optimising the effectiveness in implementing government policies.

Moreover, MEA said, the main agency absorbed into the new ministry is the Economic Planning Unit, which was formerly under the Prime Minister’s Department, while the departments and agencies under the control and supervision of the ministry include economic-related agencies which were previously the responsibility of the minister in the Prime Minister’s Department.

While there are 68 companies of which the Ministry of Finance Inc is a direct majority shareholder, MEA noted that not all the companies’ management was under MoF’s supervision.

For example, the Malaysian Digital Economy Corp is under the supervision of the communications and multimedia ministry while Mimos Bhd and Malaysian Bioeconomy Development Corp are under the energy, technology, science, environment and climate change ministry.

Some of the roles and functions of the newly established MEA include formulating and implementing policies to promote economic growth; determining the ceiling and distribution of development expenditure; coordinating and monitoring the implementation of development programmes and projects; regulating the government’s strategic investment in the economic sector; developing and implementing energy-related policies including those on oil and gas; empowering the bumiputera agenda and inclusive development; and making Malaysia a focal point for international cooperation and cross-border development.

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