Cabinet Meeting on 7th December 2022 was agreed to retain the MTEN as the highest economic advisory council to the Government. It will act as a leader in the comprehensive economic planning, implementation, and monitoring of the national economy, with an emphasis on cross-ministerial and agency decision-making to solve structural issues.
(1) MTEN is essential in evaluating and offering advice on the following policy decisions:
- Proposals to strengthen the country's fiscal position, including economic approaches, focus sectors, and implementation aspects.
- Proposals to increase national revenue through short-term, medium-term, and long-term planning and implementation.
- c. Enhancing the nation’s economic resilience in the face of global, regional, and domestic challenges, with an emphasis on the following:
- Promoting sustainable economic growth through increasing private investment in strategic sectors to boost the country's investment attractiveness.
- Creating the workforce skills required to fulfill investment requirements and current economic challenges, with the goal of increasing average wages in line with career paths and available skills in a restructured economy.
- Enhancing competitiveness, the standard of the business environment, and the efficiency of the Government delivery system to strengthen Malaysia's position as a top investment destination.
- Upgrading the capabilities and agility of micro, small, and medium-sized industries as contributors to government revenue and engines of national economic growth.
- Enhancing the nation’s economic resilience by addressing people’s economic vulnerabilities, particularly those connected to the cost of living, social safety nets, employment opportunities, and poverty.
(2) MTEN will ensure that the economic policies are carried out in a way that promotes inclusive growth and increase the well-being of the people in every category and across all demographics.
(3) MTEN will also address the resolving of structural issues and implementation challenges to achieve the goals specified in paragraphs (1) and (2) above through a cross-ministerial and agency monitoring and implementation plan for the short, medium, and long terms.
(4) MTEN will focus on three key result areas: strengthening nation’s fiscal position, increasing government revenue, and restructuring the national economy.
(5) MTEN is also in responsible for calling for experts and representatives from relevant sectors and industries to ensure that decisions made achieve the objectives and take into consideration the needs, interests, and welfare of each sector and industry that is impacted.
(6) Any MTEN decisions that have impact on policy and financial will go through a thoroung process and procedures and will be referred to the Ministry of Finance.
(7) All decisions taken by MTEN must be consulted to the Cabinet for confirmation and final decisions. This ensures that all MTEN decisions are government decisions that must be effectively carried out by the pertinent ministries and organisations.
(8) MTEN's functions and responsibilities should all be carried out autonomously and without interference from outside influences.
The MTEN Chairman has the authority to nominate or dismiss MTEN members from membership.
The following are members of MTEN:
Prime Minister, and Minister of Finance (Chairman)
Deputy Prime Minister I, and Minister of Rural and Regional Development
Deputy Prime Minister II, and Minister of Plantation Industries and Commodities
Minister of Economy
Minister of Works
Minister of Entrepreneur Development and Cooperatives
Minister of Transport
Minister of Human Resources
Chief Secretary to the Government
Secretary-General of the Treasury
Secretary-General of the Ministry of Economy
Governor of Bank Negara Malaysia
Tan Sri Mohd Hassan Merican,
Chairman of Advisory Committee to the Finance Minister (ACFIN)
Dato' Ahmad Fuad Md Ali
Member of Advisory Committee to the Finance Minister (ACFIN)
Five (5) individuals with diverse backgrounds and specialized knowledge shall be appointed by the Prime Minister.
The Ministry of Economy established the MTEN Secretariat to facilitate administrative affairs at all levels of MTEN meetings. Additionally, it oversees the implementation progress and provides reports to the MTEN. The Deputy Chief Secretary (Policy) of the Ministry of Economy serves as the Chief Secretary of the MTEN Secretariat.
The MTEN Secretariat is responsible for the safe and systematic storage of records and documents pertaining to MTEN meetings, including presentation materials, minutes, and other pertinent documents, in accordance with the Terms of Reference.
The MTEN Secretariat has the obligation to regularly provide regular on the implementation of MTEN decisions to the MTEN meetings.