Malaysia’s Prime Minister Renews Himself: A 92‑Year‑Old Usurps the Throne
Breaking news from Kuala Lumpur: Mahathir Mohamad, the country’s veteran 92‑year‑old political heavyweight, has been sworn in as the world’s oldest elected leader after a stunning 2023 election win that finally ended the six‑decade reign of the Barisan National (BN) coalition.
Rising to the Top
- Mahathir’s opposition alliance, Pakatan Harapan (PH), secured an outright 113 of 222 seats in Parliament.
- BN managed a measly 79 seats, trailing behind and marking a historic shift.
- The victory was driven by urban voters and the minority Chinese and Indian communities — a strategy that paid off.
The Big‑Picture Impact
Financial markets went on a roller‑coaster: the ringgit slid 1.7 % in offshore trading, the iShares MSCI Malaysia ETF danced down 6 %, and the stock market closed for two days as the nation declared a public holiday.
What’s on the Agenda?
From the first day on the front seat, Mahathir has laid out his bold firmer platter of reforms:
- Repeal the Goods & Services Tax (GST) that Najib introduced in his first 100 days.
- Re‑open the doors to foreign investment while reviewing the terms.
- Revise fuel subsidies, a move Moody’s notes may dent Malaysia’s sovereign rating.
- Find out where the missing billions from the 1MDB scandal went and bring the money home.
How the Old Guard Reacts
While the media will host Najib for an interview at 9.45 am local time, he remains surprisingly calm and vows to respect the will of the people.
Meanwhile, the new prime minister admitted the challenge of juggling the coalition of four parties:
“I have to manage presidents of four different parties. It’s going to be a headache,” — Mahathir, speaking candidly to reporters.
Family Matters and “Legal Trouble”
Muhammar’s path to power was jam-packed with politics on both sides of the table. He once mentored Najib but the 1MDB scandal caused a split that led to Najib’s downfall. Mahathir vows to enforce the law fairly:
Mahathir’s promise: “If anybody breaks the law, including a journalist, they will be brought before the court.”
Wrap‑Up
In short, Malaysia’s political scene just got a new chapter. A 92‑year‑old prime minister, a coalition that now stands at the helm, and a promise to turn the scandal‑laden oil into clean policy. The country’s future will be interesting to watch — and maybe a bit terrifying for the incumbent coalition’s stock portfolio.
