Tengku Zafrul Aziz, chief executive officer of CIMB Group Holdings Bhd, will head the finance ministry in the Cabinet of Prime Minister Muhyiddin Yassin, who replaced Dr Mahathir Mohamad last week after a power struggle.

Tengku Zafrul will be tasked with implementing a RM20 billion stimulus package to counter the economic damage from the Covid-19 outbreak. Growth in Malaysia was slowing even before the epidemic, weakening to a decade low last year.

The appointment comes a week after Bank Negara Malaysia lowered the benchmark interest rate by 25 basis points to counter risks to the economy from the Covid-19 outbreak.

The government recently revised down its economic growth forecast for this year to 3.2%-4.2%, from 4.8% previously, after last year’s expansion was the weakest in a decade.

It also has widened the fiscal deficit target to 3.4% of gross domestic product, from 3.2% earlier, to accommodate the stimulus package.

Omar Siddiq takes charge of CIMB group

CIMB Group announced this evening that Omar Siddiq, currently the group chief
operating officer, would be Officer-in-Charge of CIMB Group and CIMB Bank as the board works on a succession plan.

The board also thanked Tengku Zafrul for carrying out “an outstanding job” in shaping CIMB’s transformation, Bernama reported.

“His energy and commitment to CIMB will be difficult to match but he leaves behind a better organization with a stronger footing where he has united and instilled a strong CIMB culture,” the board said in a statement.