Zaid Ibrahim
former Umno member and cabinet minister.
He is now with Parti Keadilan Rakyat (PKR)

There is this tired notion, one propagated throughout the Mahathir years, that economic success is the be all and end all. That progress, a robust stock market and the shallow comfort it brings would keep us quiet. That we would be willing to sacrifice good governance and transparency. That we would be blind to corruption. That we would not rock the boat.

We would ignore those injustices — those high crimes and minor misdemeanors — because we were rich, because we thought we were happy.

Unfortunately, we have done little to dispel this belief. We have, for the most part, conformed. And so it is in a familiar situation that we once again find ourselves.

Despite being in office for only nine months, Datuk Seri Najib Razak has already been hailed by many as a reformative prime minister.

The banking sector, for example, was pleased with the affording of more Islamic banking licences and the strengthening of the Islamic finance industry. But these were initiatives already in place. The former premier was instrumental in bringing into the country those prominent Middle Eastern institutions like Al-Rajhi Bank and Kuwait Finance House. He was also responsible for those liberalising measures that allowed foreign financial institutions up to 49% ownership in local investment banks.

I was speaking to some smart young bankers recently and they told me, with some earnest, that Najib’s economic reforms will floor the opposition come 2013.

Now, I am for any and all reforms that will be beneficial to the nation and its people. And I do sincerely hope that the prime minister is successful with his. I am, however, doubtful. I remain apprehensive about anything that looks like more of the same, that resembles those Mahathir years.

Because more mega projects means more wastage and more handouts to close friends. It would mean the privatisation of profitable government enterprises and assets. And worst of all, it would mean the continued rewarding of those who do nothing to deserve it.

Just look at the establishment of the 1Malaysia Fund, where we borrowed RM5 billion at exorbitant costs from the market. To what end? So that we can dabble in mega investments?

Why do we need to invest billions of ringgit in oil prospecting when Petronas is better equipped to do it?

There is a simple truth: that one cannot solve our economic woes without first addressing the fundamental questions of a divided country, of governance, and of justice and fairness to all, regardless of race, colour or creed.

And then there is the larger, insurmountable issue that is Umno. The prime minister may have had some success in effecting changes to government procedures and processes with his KPIs, but will he be able to change Umno? Can he manage the hawks in his cabinet? And there are many. Can he deal with the basic issue of “cost overruns” without being challenged by those within the establishment who refuse to change?

This is the unfortunate state in which we currently reside. We, as a nation, are on the precipice. And we can only hope that the Shogun (as Datuk Nazri Aziz recently described the PM) will start engaging the opposition in an attempt to find ways to work together and take the country forward.



This article appeared in Special Focus page of The Edge Malaysia, Issue 787, Dec 28, 2009 - Jan 10, 2010.