He said that as is the practice in countries that uphold democratic principles, party leaders who lose internal elections should make way for those who have been given a new mandate.

“I have submitted my resignation letter to the prime minister. This resignation will take effect on June 17. I will be utilising the remainder of my annual leave from today until June 16,” he said in a statement.

“My defeat in the recent PKR election means I no longer have the party’s mandate to translate the people’s agenda, as championed by PKR, into government programmes.”

Prior to the PKR polls, Rafizi had said he would quit as economy minister and go back to being a regular MP if he failed to be re-elected to PKR’s No 2 post.

The two-term Pandan MP said it would be inappropriate for a Cabinet post to be held by someone who was not a member of the party’s central leadership.

Speculation of his resignation from Prime Minister Anwar Ibrahim’s Cabinet first swirled following the PKR divisional elections, which saw several figures said to be closely associated with Rafizi failing to win their contests.

In his statement today, he thanked the economy ministry’s leaders and staff for their support, crediting their competence and capabilities for the crafting of effective policies and programmes.

Rafizi also said he was confident that the programmes initiated by the ministry would continue to be implemented.

He said his final responsibility as economy minister was to complete the 13th Malaysia Plan (13MP), which has been finalised and is awaiting presentation in the upcoming parliamentary session.

Rafizi said the 13MP was drafted to place greater emphasis on comprehensive reforms, including several involving the education ministry.

“Our journey to restructure the nation’s economy into a stronger and high-income one is still far from over,” he said.

“Therefore, we must continue to make sound long-term decisions, even if they are difficult and challenging, for the sake of future generations.”