00:02The report reflects Dana Impaq's role in backing Malaysian companies.
00:07Ladies and gentlemen, you can scan the QR code on the screen to access a copy.
00:12One of the different changes that we had to do was actually to re-look again at our subsidy framework
00:18in the country.
00:19And trying to make sure that the concept of facilitating through some subsidies are important
00:25because society is not even.
00:28There will be people who are top end of society, life goes on enjoying the good parts of it,
00:34but there will be people at the bottom end of society that may need some help along the way.
00:39The key for the government is actually to address where do we lift it up
00:43and where do we make sure that the subsidies, if we are given, doesn't have the distortive effect,
00:49doesn't end up giving things that the person doesn't deserve to get,
00:54that other people deserve to get in a better form.
00:56So the thinking frame for the government was actually first, let's legitimise that we have to do something about it
01:02because I need to create space within my fiscal budget.
01:05Second, get the people to accept that doing this change and the way we have done it is fair.
01:12Now the reality is we've now done subsidy rationalisation for more than two years.
01:17First, I still don't have riots in the street.
01:20So the government seems to have figured out how to do the balancing at right
01:23and actually to make it clear that society accepts that it has to take decisions,
01:28it has to accept that decisions not all the time are easy,
01:31but it accepts it because the concept of fairness is actually abided by.
01:37Trust in the system that is actually done.
01:39Transparency of what you provided, that's actually the anchor in terms of making sure
01:44that when you provide these sort of support mechanisms, these sort of transparencies,
01:50the ability to accept becomes better.
01:53The Fiscal Responsibility Act, for example, it actually puts out there in terms of what are good fiscal regimes
02:00that we have to accept in the country.
02:02Actually, bringing down fiscal deficits to below a certain level is important
02:06to make sure the fiscal position of the government is strong enough
02:10to ride and grow the country going forward.
02:13Because what we don't want to do is borrow from our children and our grandchildren forward.
02:19So having that actually makes sure that as a good government,
02:23you are putting in the legislation necessary not only to govern and to push the country forward,
02:29but also to protect what was the core social contract,
02:34which was advancing Malaysia, but also supporting the balancing of society in a better form.
02:40Maybe finally, you know, a reflection on the last three years for you.
02:47I mean, it's Mr. Dr. No, always PM, always check up.
02:55You know, I attend some meetings with YB, he can play the good cop, you have to play the bad
03:02cop.
03:02Maybe we can end with that.
03:05I've been very, very lucky and very blessed in my life
03:09that I've had a tremendous amount of opportunity to do a lot of things
03:15that a lot of people have not had the opportunity to do.
03:17And I think I'm grateful for that.
03:20My track record is I don't do a job longer than three years.
03:24And you can check my CV.
03:26And I've been consistent at it for the last 38 years.
03:31Before three years, I will shift somewhere else.
03:34But in that gathering of the opportunities, it has also taught me a lot of things.
03:39I've learned in every job I've gone in.
03:41And along the way, it's also taught me to be a lot more open and humble and on the ground,
03:48which is necessary to move on.
03:50This job is probably much more challenging than what I had expected it to be.
03:56Yeah, because at the end of the day, we need to anchor with understanding
04:01that a decision that is taken in government has a very long life to it.
04:07And the impact is actually very, very wide.
04:09I think what Dana Impact has shown is that effectively,
04:14it's not about sovereign funds earning money only at the time.
04:18It's about what impact you do and what change do you bring in moving society forward.
04:24And I think Kazana has done very, very well from a Malaysian perspective.
04:27But Kazana alone, the Malaysian government alone can't do it all.
04:32What we need is alignment.
04:34What we need is everybody to work much stronger together
04:38and find ways and means that we drive this country much further ahead.
04:46Thank you very much.
04:54You
