“The GST will be replaced with the Sales and Service Tax (SST). We don’t need the GST,” said Dr Mahathir told a press conference yesterday morning shortly after declaring that Pakatan Harapan had the majority in the Dewan Rakyat.

He said the Anti-Fake News Act 2018 would also be reviewed to determine if it was truly used to curb fake news or silence political opponents.

“We don’t want fake news, but the law should be studied again,” he added.

Later in the night, in his first press conference after being sworn in as Prime Minister, Dr Mahathir said the country’s economy and finances were his priority.

“We have a lot of things to do, but the economy and finances are the main things. We will focus on these two things,” he said.

He said his goal was to try and make the ringgit “as steady as possible”, and assured investors that Malaysia is in good hands.

“I would like to tell business people that they can push up the prices in the stock market. There is no cause of any devaluation of the ringgit,” he said.

Dr Mahathir said Malaysia will be a “business-friendly government” that is mooted through the Malaysia Incorporated Policy introduced in 1981.

He gave an assurance that the government had people experienced in economics and finance. “For a dictator, I’m a good listener,” he quipped.

“Among the people I have to listen to was Rafidah (former minister from Umno Tan Sri Rafidah Aziz). She makes herself get heard no matter what, and she came out in full force (during the campaign period) and that helped us a lot,” said Dr Mahathir.

He also thanked former Umno finance minister Tun Daim Zainud­din and former Negri Sembilan chief minister Tan Sri Rais Yatim.

Apart from dealing with the GST and “oppressive” laws such as the Fake News Act, the Pakatan government would also review the Security Offences (Special Measures) Act (Sosma), he said.

Dr Mahathir promised he would look into the country’s financial problems, adding that the Federal Government debt reaching RM1 trillion may not be an exaggeration.

However, he said the Pakatan government could get “most of the 1Malaysia Development Berhad (1MDB) money back”.

“We know the money is in America, Singapore and Switzer­land. We have a number of people who have expertise in this area,” he said.

Dr Mahathir also said that the Pakatan government would study government officers and that some of them may be demoted.

Certain department heads, he said, “must fall”.

At the morning press conference, the prime minister also said previous investments and projects with China would be reviewed under the new government.

“We need to study all the things done by the previous government. It is not only about China, it’s about a lot of things within the country,” he said.

He added that the RM55bil borrowed by the previous government for the East Coast Rail Link was “a great burden on the country”, among other loans.

However, he noted that the government had no issues with the Belt and Road initiative, adding that he previously wrote a letter to Chinese premier Xi Jinping about the importance of having a land connection with Europe.

He said there was a lot of work to be done and that he would call for a Parliament session “very soon”.

The Pakatan Harapan presidential council meets today to discuss the formation of the Cabinet.