He said Tengku Zafrul had not replied to the points of political stability and governance raised by Fitch and these were among the reasons for the downgrade.
Anwar said Malaysians had hoped that things would become better with a technocrat appointed as the finance minister but this appeared not to be the case.
Yesterday, US credit rating agency Fitch Ratings had downgraded Malaysia’s sovereign rating from “A-” to “BBB+”, with an improved outlook from negative to stable.
In a response to the downgrade, Tengku Zafrul said the government was disappointed with the rating outcome, adding that it was driven by the impact of the Covid-19 pandemic on Malaysia’s fiscal position and the domestic political situation.
“His counter statement related to the review of the rating is very worrying,” Anwar said in a statement.
Alluding to the infamous “Sheraton Move” that precipitated a change in government early this year, Anwar said this was among the reasons for the instability cited by Fitch.
He said this episode was also the beginning of an effort to destroy the plans by Pakatan Harapan to make serious institutional reforms.
“This minority government, which has no legitimacy, has also misused appointments to government-linked companies (GLCs) in return for political support,” he said.
Anwar reminded the government that the Covid-19 pandemic has shown how global society was interconnected in matters of public health and trade.
“The aspects of capital security, clear and firm governance, among others, are extremely important to make Malaysia among the best investment destinations in the region.
“This will eventually pave the way for us to navigate out of this pandemic,” he added.
Anwar said comparing Malaysia to countries that had lower performance was not the right way. “We must look at what we were in the past, where Malaysia was among the top regional economic powers.”
He said there was much uncertainty on how the government planned to rebuild the economy, especially the badly-hit small and medium enterprises, which affect Bumiputeras.
“This rating, which is the first in 20 years, only reinforces our perception that Malaysia needs a government committed to reform and transparency.
“Instead, what we are facing today, are confusion and instability, which will surely slow down our efforts to get out of this pandemic successfully,” he said.