SHAH ALAM, Nov 17 (Bernama) -- The economic reform adopted by the Bush administration which is similar to Tun Dr Mahathir Mohamad's way of tackling the Asian financial crisis 10 years ago portrays the quality of Malay leadership, says an agency chairman.
Federal Land Consolidation and Rehabilitation Authority (Felcra) chairman Datuk Tajuddin Abdul Rahman said the economic recovery charted by the former prime minister also showed that the Malay leadership was acknowledged by the world.
Tajuddin said Dr Mahathir chose not to borrow from the International Monetary Fund (IMF) or the World Bank and pegged the ringgit against the dollar when the country faced the economic downturn in 1997.
"Dr Mahathir's formula has succeeded and now the Americans are emulating him in finding their way out of the recession," he told reporters after launching a certificate programme in industrial management planning organised by Felcra Bhd, Universiti Teknologi Mara and the International Institute of Plantation Management, here, today.
Tajuddin was commenting on Foreign Minister Datuk Seri Dr Rais Yatim's call for Malays to strengthen their political and economic position so that the other races would stop insulting and ridiculing them.
Rais's views had to be analysed in a broader perspective, said Tajuddin, adding that Malay leaders had to enhance their knowledge to propel the country to greater heights.
"In today's challenging world, we should not be cowed by the economic and political challenges. We can do it," he said.