ID :
31734
Sat, 11/22/2008 - 22:49
Auther :
Shortlink :
https://oananews.org//node/31734
The shortlink copeid
M`SIA CALLS FOR A GLOBAL FINANCIAL ARCHITECTURE WITH BETTER SUPERVISION AND MONITORING SYSTEM
KUALA LUMPUR, Nov 22 (Bernama) -- Malaysia's call on a new global financial
architecture will see the establishment of greater control in the monitoring and
supervision of financial activities, said Second Finance Minister, Nor
Mohamed Yakcop Saturday.
"In the present challenging times, we need an international financial
system
that is fair, equitable and able to be rid of financial crisis that have been
regularly happening," Nor Mohamed told reporters after handing over diplomas and
certificates to 221 students at the Kolej WIT convocation here Saturday.
On Friday, Deputy Prime Minister Najib Razak had said that
there was an urgent need to come up with a new global financial structure to
overcome financial crisis.
Nor Mohamed said that Malaysia had in fact, during the 1997/98 financial
crisis, called for a fair and equitable international financial system.
Nobody paid attention to Malaysia's call at that time, he said.
The minister expressed hope that a new global financial system will have in
place a system that will be able to keep in check the greed of certain
parties.
Hopefully, there could be measures, taken together with the support of the
western countries, that will bring about a monitoring and supervising system
that will be able to better control hedgefunds that trade with high leverage and
rating agencies as well, he said.
To a question on Malaysians losing their jobs in Singapore, he said that
the
situation will not jeopordise Malaysia. "We have lost many skilled workers to
other countries including the United States, Singapore, Hong Kong, Macau and
Taiwan."
Nor Mohamed said their skills were greatly required as the country still
needed skilled workforce to continue to develop its economy.
Meanhwile, in his speech, he said RM2.4 billion (US$1=RM3.60) had been set
aside to facilitate various trainings and skills enhancement under the 2009
Budget.
These will include the construction of new training institutions and
increasing the capacities of exisiting institutions to cater to the increasing
need for training.
He said the government had recently announced a new fund worth RM300
million
to carry out training programmes to fulfill the needs in the construction,
tourism, health, and business process outsourcing sectors, especially for the
upcoming economic corridors.
-- BERNAMA
architecture will see the establishment of greater control in the monitoring and
supervision of financial activities, said Second Finance Minister, Nor
Mohamed Yakcop Saturday.
"In the present challenging times, we need an international financial
system
that is fair, equitable and able to be rid of financial crisis that have been
regularly happening," Nor Mohamed told reporters after handing over diplomas and
certificates to 221 students at the Kolej WIT convocation here Saturday.
On Friday, Deputy Prime Minister Najib Razak had said that
there was an urgent need to come up with a new global financial structure to
overcome financial crisis.
Nor Mohamed said that Malaysia had in fact, during the 1997/98 financial
crisis, called for a fair and equitable international financial system.
Nobody paid attention to Malaysia's call at that time, he said.
The minister expressed hope that a new global financial system will have in
place a system that will be able to keep in check the greed of certain
parties.
Hopefully, there could be measures, taken together with the support of the
western countries, that will bring about a monitoring and supervising system
that will be able to better control hedgefunds that trade with high leverage and
rating agencies as well, he said.
To a question on Malaysians losing their jobs in Singapore, he said that
the
situation will not jeopordise Malaysia. "We have lost many skilled workers to
other countries including the United States, Singapore, Hong Kong, Macau and
Taiwan."
Nor Mohamed said their skills were greatly required as the country still
needed skilled workforce to continue to develop its economy.
Meanhwile, in his speech, he said RM2.4 billion (US$1=RM3.60) had been set
aside to facilitate various trainings and skills enhancement under the 2009
Budget.
These will include the construction of new training institutions and
increasing the capacities of exisiting institutions to cater to the increasing
need for training.
He said the government had recently announced a new fund worth RM300
million
to carry out training programmes to fulfill the needs in the construction,
tourism, health, and business process outsourcing sectors, especially for the
upcoming economic corridors.
-- BERNAMA
