Zafrul was not perfect, but he managed the country's finances well

By ZAIDI ISHAM ISMAIL
editor@dagangnews.com

KUALA LUMPUR August 19 - In the administration of any country, the second most important position after the prime minister or president is arguably the finance minister.

Nowhere can this be more evident but at the  US Federal Reserve where every word uttered by its chair shakes markets the world over.

In Malaysia, after the prime minister, the eyes of the nation are also transfixed on the finance minister. So important is the portfolio that sometimes it is assumed simultaneously by the prime minister.

For the past 18 months, although brief, the country's treasury was managed by one of Malaysia's top bankers Tengku Datuk Seri Zafrul Abdul Aziz.

Other than prime minister Tan Sri Muhyiddin Yassin and his right hand man Datuk Seri Ismail Sabri Yaakob, Zafrul consistently hogged the media of all platforms.

"Zafrul was not perfect, but I dare say that he truly cared about the rakyat's finances.

He made sure that the withdrawal process of the Employees Provident Fund was simplified eliminating red tape.

Zafrul also made sure that the country's budget deficit was under control.

Zafrul also made sure that the country's economic performance although weak never crashed.

And above all, he is instrumental in bringing back the billions of ringgit of the stolen 1MDB money, a feat which I don't think any of his predecessors can do.

''And mind you, Zafrul did all this amid COVID-19,"  a banker who declined to be identified told DagangNews.com.

Zafrul, along with Muhyiddin's cabinet resigned on Monday.

In his Facebook posting, Zafrul said his 18-month tenure as finance minister was the biggest honour and privilege for him to serve the country.

"I did my job to the best of my ability and history shall be the better judge. It has been my greatest honour and privilege to serve the country," he said.

During his tenure as finance minister, he was also appointed the National Recovery Plan (NRP) coordinating minister, responsible for monitoring the strategies and assistance implementation as well as taking proactive measures that are suitable and dynamic during the Covid-19 pandemic faced by the country.

Under the MoF, Tengku Zafrul was also in charge of the recovery plan, Economic Stimulus Implementation and Coordination Unit Between National Agencies (Laksana).

Throughout his period in the ministry, the government had implemented eight aid and economic stimulus packages worth RM530 billion to address the health crisis since the COVID-19 pandemic was declared last year.

Tengku Zafrul, who is an independent senator, prior to his appointment was the group chief executive officer and executive director of CIMB Group Holdings Bhd.

He was also an adviser to Tenaga Nasional Bhd's president before joining CIMB Investment Bank Bhd.

Where will he be headed next?

"Oh, I think he should take a well deserved rest after burning the midnight oil at his office for many, many nights.

He has picked up invaluable experience running the country's coffers on top of his banking experience.

"Who knows, he might return to government to lend his experience managing the finances of a government linked firm if the Perikatan Government wins in the upcoming general election.

''Anything is possible. Never say never." said the banker. - DagangNews.com