Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Malaysia's king urges fractious lawmakers to back budget

Published 10/28/2020, 02:53 AM
Updated 10/28/2020, 03:45 AM
© Reuters. FILE PHOTO: Malaysia's King Al-Sultan Abdullah inspects guard of honour on Independence Day

By Rozanna Latiff and Joseph Sipalan

KUALA LUMPUR (Reuters) - Malaysia's king urged lawmakers on Wednesday to put aside political disagreements to pass the 2021 budget "without disturbance", as Prime Minister Muhyiddin Yassin grapples with the coronavirus crisis and a leadership challenge.

Muhyiddin's administration is scheduled to present its first budget on Nov. 6, amid a challenge for the premiership by opposition leader Anwar Ibrahim and at a time when his credibility is seen to have taken a hit after a failed attempt to secure royal assent to declare emergency rule.

King Al-Sultan Abdullah said next year's budget is vital in helping the public manage the effects of the coronavirus and restore the economy.

In a statement, the national palace said the king also called on lawmakers to abide by his decree for an end to all political disagreements "so that the 2021 Budget can be passed without disturbance".

"His Majesty reminds MPs that political fights for personal interest will be a loss to the nation and the people will be come victims at a time when the country is still struggling to face the threat of COVID-19," the palace said in the statement.

Opposition leaders said they could support the budget if the government grants equal access for all lawmakers to resources and avenues to provide input, and carries out democratic reforms.

Wong Chen, a lawmaker with Anwar's People's Justice Party, said in a post on Facebook (NASDAQ:FB) that the reforms should include establishing "an unfettered right" to table a motion of no confidence in parliament.

Parliament Speaker Azhar Harun said more than 16 motions of no confidence in Muhyiddin's leadership have been filed for the upcoming meeting, the Utusan Malaysia daily reported.

Muhyiddin, who has a thin majority in parliament, is also under pressure from unhappy coalition partners who have demanded more powerful positions, while a resurgence in coronavirus infections is battering the economy.

© Reuters. FILE PHOTO: Malaysia's King Al-Sultan Abdullah inspects guard of honour on Independence Day

But Muhyiddin gained some respite on Monday when a key ally walked back on threats to withdraw support.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.