Financial crisis: M'sia will be on guard
Malaysiakini
Sep 21, 2006

Prime Minister Abdullah Ahmad Badawi said Malaysia will take the necessary steps to face the possibility of an economic crisis following the military coup in Thailand.

However, the premier believes that the situation in the neighbouring country will not lead to a repeat of the 1997 Asian financial crisis.

"No, I don't think it will lead us onto that road. I don't think there will be an Asian crisis," he was quoted as saying by Bernama.

The premier said this at his final press conference before leaving for London after attending the 61st session of the United Nations General Assembly in New York.

However, Abdullah, who is also finance minister, said Malaysia will take the necessary precautions to face any eventualities.

"Obviously we have to be on guard and make whatever preparations that may be necessary if the situation turns in a direction that can affect us very adversely.

“We have to prepare to face that (possibility), but I hope (this will) not (happen)," he said.

It has been reported that several Asian markets were down following the bloodless coup that ousted Prime Minister Thaksin Shinawatra while he was in New York for the annual gathering of the UN.

Thailand's new military ruler Gen Sondhi Boonyaratkalin pledged to resign from power in two weeks and restore democracy in a year.

Abdullah noted that whether there was going to be stability in Thailand would depend on the people in power now.

Reiterating his call for democracy to be restored, he said the question of recognising the people in power now will be brought to the cabinet's attention.

"In this connection, we'll get the feedback from our friends in Asean. Of course, Asean would like to ascertain its position with regard to this issue," he said.

Politics of fear

In his speech at the UN General Assembly, Abdullah provided an insight to world leaders on how the gap between the west and the Muslim world can be bridged.

Abdullah, who is chairman of the Organisation of the Islamic Conference (OIC), said Islam was not the source of intolerance between peoples of different faiths and called for an end to the demonisation of Islam and Islamophobia.

"The politics of fear must cease to dictate the conduct of relations between peoples and nations. If they do, then prejudice and irrationality will continue to prevail in the affairs of the world and dialogues will continue to fail," he said.

The prime minister said he personally felt most disturbed that much of the ills in the affairs of the world were the result of irrational actions caused by prejudices in human attitudes.

"It is all too clear that our human family must come together and talk to one another if we are to overcome the problems that threaten to engulf us all.

"To talk, however, is easy. To dialogue and communicate is more difficult," he said, noting that much of the dialogue that did take place resulted in the parties talking at, instead of talking to, one another.

"In our relations, we must not be patronising and condescending and certainly not threatening," he added.