In order to join the league of wealthy nations, Malaysia is ready to embrace digital technology. Finance Minister of the country Lim Guan Eng said this while delivering a keynote address at an event on the International Monetary Fund and World Bank Group Spring Meetings. The meetings were held from 11th April to 13 April this year in Washington D.C.
In that keynote address, the finance minister of the country said that; it is important for the country to become a high-income member of the World society. He reckoned that digitization will result in massive job loss, but it is a vice that the country has to bear. He informed that the country is trying to find solutions to this problem. Malaysia Government understands the need for creating new jobs through supplements or income incentives to restore the balance said the Finance Minister.
Malay Finance Ministry today stated that the minister has led a Malaysian delegation to the meeting. He also represented the South Asian Voting Group, comprised of 11 member countries, in the meetings. During these meetings, the minister addressed the World Bank Group and reminded its importance for the poor countries.
There, he stated that enhancing the standard of living for citizens is an important job. However, the WBG should provide the poor countries with a model through which they can become a middle-income group. He also said that the IMF and the WBG should set up a set of instructions which can stop the middle-income countries from slipping into the low-income ones. Stating the example of Singapore, South Korea and Chile, the finance minister confirms that Malaysia wants to achieve the same feat.
All international rating agencies, from which the finance minister has asked for help, are comfortable with the financial journey of the country so far. They are positive that the country will be able to take the leap.