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EVERY crisis over the decades has been sparked by something different. From commodity crashes to the Asian Financial Crisis and dotCom bust and even the Global Financial Crisis (GFC), the reasons for why economies suffer a great shock have been numerous.

The last crisis caused by the Covid-19 pandemic is something that is very different than most other shocks throughout the decades.

The pandemic was a global catastrophe in which every single country was caught in.

The virus, which quickly made its way into the four corners of the world, was fast to overwhelm each country’s healthcare system and strained on its response. Countries battling the pandemic had the comfort of taking the lead from the World Health Organization.

But what policymakers did not have was the economic antidote to the Covid-19 crisis. Previous economic crises had resulted in a traditional stimulus response, which was very much the playbook since the GFC.

But knowing what to do in a health crisis has been long forgotten since the Spanish Flu ravaged the world towards the tail end of the First World War. And the world today is far more globalised and interlinked than before.

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The issue of what to do was then at the top of Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz’s mind. Not wanting to lose the sequence of decision making during the pandemic, he penned his “playbook” for future generations entitled “Weathering the Economic Storm: A Journey Through the Uncharted Waters of Covid-19” (pic).

Tengku Zafrul from the onset was propelled by his sense of duty, nurtured in part by the various roles played by his parents and relatives. It was the family history of service that was the “backbone” in his own decision of using his skills and experience nurtured over the years as a banker when pressed into duty for the nation.

He says policy-making and leadership cannot be separated from the strategic and continuous communications that promote transparency and build trust.

The book, primarily a collection of speeches by Tengku Zafrul during the trying times of the pandemic, from the onset serves as a what-to-do response to an unprecedented health crisis encountered by the government.

Having such a playbook is certainly useful. During the various previous crises, knowing what to do would have certainly been a great help in realising how to preserve wealth and employment from destruction.

Accountability and transparency, which Tengku Zafrul says were crucial in policy-making, were dutifully executed through an agency called Laksana to ensure that progress of the various initiatives was tracked.

What the book does is collate Tengku Zafrul’s speeches and chronicles these speeches in three broad parts that touched on the policy thrusts by the Finance Ministry and the government.

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