The former finance minister took issue with Azmin citing the recent emergency declared in two constituencies to back his assertion that the nationwide proclamation would have no impact on investors’ confidence saying the senior minister was “deluded”.

“Azmin makes the irresponsible claim that investors’ confidence was not affected as proven when a state of emergency was imposed in Gerik, Perak and Bugaya, Sabah.

“These are local affairs that are supported by the opposition to prevent a by-election to contain the spread of Covid-19,” the DAP secretary-general said in a statement.

Yesterday, Azmin, who is the senior minister for economy, said foreign investors would view the emergency as the government’s determination and seriousness in containing the pandemic.

The international trade and industry minister also said business activities had continued as usual after the emergency proclamation on Jan 12.

But Lim said Azmin is “deluded by his own lies” that foreign investors’ confidence was unaffected by the government’s handling of the pandemic and the state of emergency which saw Parliament suspended.

Lim also said that one of the principal reasons for the downgrade of Malaysia’s sovereign credit ratings by Fitch Ratings was political instability.

This, coupled with the rise in unemployment by 0.1% to 4.8% in November and the economic recession, meant that investor confidence would be dampened, he said.

“Can Azmin answer then that without any additional financial assistance from the PN (Perikatan Nasional) government forthcoming, how the emergency can help to stop retrenchments, business closures and loss of economic livelihood?” he asked.