Center for Market Education CEO Carmelo Ferlito said he agreed with Rafizi that the economy faced major challenges, but he remarked that the government’s approach to resolving these challenges remained “cloudy”.

“Rafizi has said he does not want to be a politician but to do the job,” Ferlito told FMT. “We are waiting to see his proposals.”

Yesterday, Rafizi said his ministry faced a “trilemma” of challenges, namely strengthening the nation’s fiscal capabilities, increasing the country’s revenue, and restructuring the economy.

“The word trilemma is inaccurate,” Ferlito said. “He may have meant three challenges. A trilemma refers to choosing between three solutions.”

He said it was important for Rafizi to outline the guiding principles for the solutions to the challenges.

“The solutions have to be a result of a sound trade-off analysis and not just the fruit of improvisation,” he said.

“There must also be a lesser degree of government intervention.”

He urged the government to establish institutional frameworks to encourage entrepreneurship and attract foreign and direct investment “rather than spending more or exerting more direct control over the economy”.