Rafidah, who was the international trade and industry minister from 1987 to 1990 during Dr Mahathir Mohamad’s first watch, described the erosion of the ringgit’s value, increasing cost of living, and the ballooning public debt as untenable.

To show seriousness in tackling these issues, she said, Prime Minister Anwar Ibrahim needs to chair the council and hold daily discussions to ensure all bases are covered and come up with immediate measures to deal with the issues.

Rafidah suggested that economic experts and representatives from the private sector, academia and the civil society be roped in as the government appears to be unable to handle the economic challenges on its own.

“It must quickly address the loss of Malaysia’s competitiveness in several areas. There is also the lack of in-depth analysis of economic statistics, especially in the context of investments and trade, which tends to give a rosy picture when it’s not.

“It is certainly not a case of being political when consumer groups and other concerned parties raise these issues,” she said in a social media post today.

Rafidah, dubbed the “Iron Lady” during her days in the Cabinet three decades ago, said it is important that the authorities seriously consider all the concerns raised and hold discussions with relevant stakeholders urgently.

She said that for many Malaysians, the rise in the cost of living is real and can be quite disconcerting, adding that it can be a struggle to complete a day satisfactorily.