Malaysia mourns passing of former finance minister

KUALA LUMPUR – Daim Zainuddin, Malaysia’s former finance minister, has passed away at age 86, following a stroke and subsequent hospitalisation.

A prominent and influential figure in Malaysian politics, Daim was closely allied with former Prime Minister Mahathir Mohamad. He served two separate terms as finance minister, first from 1984 to 1991 and then from 1999 to 2001, both under Mahathir’s leadership.

During these periods, Daim played key roles in Malaysia’s economic restructuring and in navigating the Asian financial crisis, which cemented his legacy as an architect of Malaysia’s economic policies during the country’s rise as a Southeast Asian powerhouse.

Tributes to Daim Zainuddin pour in

Daim’s death has elicited tributes from Malaysia’s top leaders and politicians, underscoring his impact on the nation’s economic landscape.

Prime Minister Anwar Ibrahim expressed his condolences, highlighting Daim’s dedication to public service.

“My condolences to the family of the deceased. The government recognised his service and contribution to the country, especially when he was the minister of finance,” the Prime Minister said.

Figures like opposition leader Hamzah Zainuddin and former prime minister Muhyiddin Yassin publicly acknowledged Daim’s contributions to Malaysia’s economic development, particularly his efforts during the Asian financial crisis.

“The nation lost a priceless pearl today that can never be replaced. We didn’t just lose a great leader, we lost one of the economic architects when Malaysia was an Asian Tiger,” Datuk Seri Hamzah said on Facebook.

Mahathir, Daim’s long-time friend and political ally, issued a heartfelt statement, voicing his sorrow and anger over Daim’s recent political challenges.

Mahathir, however, lamented what he saw as unfair treatment toward Daim in the final years of his life, a period marked by a high-profile investigation by Malaysia’s Anti-Corruption Commission.

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Leadership legacy

Daim’s influence in Malaysia extended beyond his ministerial terms. In 2018, after Mahathir’s return as prime minister, Daim was appointed as chairman of the Council of Eminent Persons, an advisory group formed to guide Malaysia through complex socio-economic issues and recommend improvements to governance.

This role underscored Daim’s lasting importance in shaping Malaysia’s economic policies, even as his political affiliations evolved over the years.

Throughout his life, Daim was seen as a teacher, mentor, and even father figure by those in Malaysia’s political and corporate spheres.

Daim’s passing thus marks the end of an era, and he is remembered as a pivotal figure in Malaysia’s economic history, respected even amid the controversies of his later years.

In death, Daim’s legacy remains complex, defined by both his role in transforming Malaysia into an “Asian Tiger” economy and by the recent investigations that cast a shadow over his final years. He leaves behind a mixed but significant legacy, honoured by many as a visionary economic leader while scrutinised by others due to the unresolved allegations.