Emergency spending rule could spook investors further - ex-finance minister II

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The new emergency ordinance, which allows Putrajaya and state governments to tap into consolidated funds without scrutiny, could scare away more investors, according to former second finance minister Johari Abdul Ghani (above).Johari said the ordinance - which could also allow supplementary budgets to pass without approval from Parliament - showed that the government was politically unstable, and this, in turn, affects investor confidence."How can a democratic country like Malaysia be managed via an ordinance, without going through the scrutiny of Parliament?"Under the present political environment, it is difficult to attract investors to our country."It will affect the confidence of the investors in the long run and over time, it will further affect our sovereign ratings - especially when the government has to rely heavily on borrowing," Johari told Malays…