There is no argument that the MM2H program helps Malaysia economy and both the MM2H participants and the country mutually benefits from the program.
Malaysia economy, even during this Covid-19, is light years ahead of Uganda's or Zimbabwe's during the period mentioned. Malaysia economy and political system will not collapse even if the entire MM2H program is discontinued.
If Malaysia economy were heavily dependent on the MM2H program as being portrayed, then I would agree with everything said: Politicians here are idiots for making decisions that affect the program that is considered a lifeline for their country economy and currency. But that is simply not the case.
Low skilled labor and foreign professionals are very important to many countries. Like in US, there are certain jobs the Americans don't like to do such as agriculture and some other work. Foreign professionals also move the country forward. Hence to say that the MM2H program participants help the economy more than the low-level skill workers and skilled professionals in the country seems overreaching.
I also doubt that Malaysia, as a result of the new requirements, will not get MM2H participants and the entire MM2H will cease. It is too peaceful and beautiful of a place to be deserted 😊