KUALA LUMPUR: Former DAP leader Dr P. Ramasamy has urged Prime Minister Datuk Seri Anwar Ibrahim to address the devaluation of the ringgit and instilling confidence in Malaysians rather than foreign investors.
In a statement posted on his Facebook page, Ramasamy said Anwar, who is also the finance minister, had failed to explain the dramatic devaluation of the ringgit and was focusing on investors' confidence.
"While Anwar's primary focus is on how the country can overcome the crisis by inviting foreign investors, he has miserably failed to see the impact of the ringgit's devaluation on ordinary Malaysians.
"Ringgit depreciation has clearly and unequivocally caused inflation in the country," he said.
Anwar, who had on March 3 embarked on his maiden official visit to Australia, was quoted as saying that the sliding of the ringgit is not a concern for Australian investors.
He also shared that Australian companies had expressed their interest in investing RM24.5 billion.
"Revealing that Australian investors have great confidence in the country's financial and economic fundamentals, Anwar thinks that the currency crisis is temporary having no effects on foreign investors," said Ramasamy.
Ramasamy said the government never once touched on the plight of Malaysians facing the rising cost due to inflation.
He added that despite the investors' confidence, the depreciation of the ringgit is caused by multiple factors.
Ramasamy also said the prime minister has never cared to touch on factors other than investors' confidence in trying to revive the ringgit.
"At the level of political propaganda, there is much publicity to the idea of Madani government. But unfortunately, the head of the Madani government himself seems mesmerised by foreign investors rather than having confidence in the rakyat to overcome the present economic crises," he said.
Ramasamy also went on to say even top officials have steered away from giving a full unbiased explanation of the slide of the ringgit.
"The argument that the ringgit will appreciate in due time is not an explanation at all. The debate in the Parliament on currency depreciation seems much to be desired," he said.
On another note, Ramasamy questioned how to impart confidence when the government has been less than sincere in fighting corruption.
"Political expediency and survival cannot be masked by too much emphasis on investors' confidence," he said.
He also labeled the government's approach in seeking foreign investments to prevent the ringgit's slide as "Anak kera di hutan disusui, anak di rumah kebuluran" (paying attention to the interests of foreigners rather than locals).
