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KUALA LUMPUR: Malaysia's Prime Minister Abdullah Ahmad Badawi admitted that it was his inability to push through reforms that cost the ruling national front coalition its worst electoral defeat.
He said the government is now ready to change to address the people's concerns.
He's promised to implement bold agendas to restore public and investor confidence.
Shockwaves from the ruling coalition's recent stunning electoral losses are rippling through the Malaysian economy.
Prime Minister Abdullah publicly acknowledged his mistakes for the first time and has vowed not to disappoint the people whom he said have given him and his administration one last chance to prove themselves.
Mr Abdullah said: "The Malaysians have given us a very strong signal, it's either we make it or we fall. And it is not my intention to allow my party to fall while I am still in charge, we've to work hard, mistakes there maybe but we must be ready to rectify it very quickly."
Among the mistakes, he said, was the failure to counter threats in cyberspace as opposition parties turned to the internet to reach out to the young and educated urban voters.
Mr Abdullah continued: "In the last election, we certainly lost the war on internet. It was a very serious misjudgement and the need to respond was not there at all. Not because we were slow but because we made the biggest mistake thinking that it was not important."
Speaking at an investors’ conference in Kuala Lumpur, Mr Abdullah promised to unveil measures to shield the lower income group from the vagaries of rising world prices.
This includes keeping the current heavily subsidised oil prices intact for the time being.
He said: "Whatever the present price is, we'll have to live with it. Once we announce, it's my hope that the situation will change."
His government had earlier warned of imminent hikes after global crude oil prices hit US$110 per barrel.
Many Malaysians have blamed him for not being able to keep prices in check and voted for the opposition in protest.
As Mr Abdullah races against time to restore confidence in his administration, the ruling party UMNO has sought to postpone the party internal election to 2009.
Meanwhile the confrontation with royal rulers over the appointment of chief ministers has further highlighted Mr Abdullah's weakened position. - CNA/vm
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