However, the IMF has become considerably more open in recent years, and today material on almost all activities is available, not least on the IMF’s website (www.imf.org). A second example is the issue of capital account liberalisation. Besides working for opening up the capital account in many countries, we strive for the long-term goal of giving the IMF a clearer mandate to regulate issues relating to the international capital market. A third issue where we have been active is developing a body of rules for how private creditors are to contribute to the financing of countries’ finance requirements in crisis situations. The increased attention in the media about the IMF and the World Bank has arisen during a period when the functioning of these organisations and their mandate have been discussed intensively internally as well. The growth of private capital markets has resulted in many countries no longer requiring financing from the IMF. At the same time, the need to build institutions, regulation and coordination is increasing, not least in the financial sphere. Some radical groups have argued that the IMF should be abolished, or considerably reduced in size. Others believe that the organisation should take on more responsibilities, such as within areas concerning the labour market, the environment and money laundering. Sweden is among those who believe that the IMF can only be an efficient organisation if its mandate is kept relatively narrow. The IMF shall work with financial stability, and in particular macroeconomic issues.
The aspiration and objectives of a national strategy for financial literacy have been carefully articulated by the Financial Education Network (FE Network), which was established in late 2016. Strategic outcomes, priority areas and target groups have been identified. The national strategy for financial literacy have identified five strategic priorities which cover all life stages – from nurturing values among young children, to inculcating positive behaviour for adults and preparing Malaysians to retire comfortably. Specific action plans would be formulated to reach out to the masses as well as meeting the needs of specific target groups. The second key thrust is “collaboration”. I believe that shared responsibility and concerted efforts are integral to the successful implementation of the national strategy to realise our desired outcome. It requires strong and long-term efforts by all stakeholders, including regulators, private and public sectors, non-governmental associations and the consumers themselves to realise the desired outcome of improving financial literacy. Each stakeholder has its own strength. While some are subject matter experts providing reliable financial education to the targeted audience, others may have access to critical contact points to reach out to the masses. Often times, many agencies are also well-positioned to leverage on “teachable moments” such as at the stage of starting a job; getting married; or preparing for retirement, where key financial decisions are made. The national strategy will be a catalyst for the stakeholders to leverage on each other’s strengths, resources, expertise or even authority in providing a holistic financial education and in reaching out to Malaysians nationwide.