Malaysia Plans Second Stimulus Package Unveiled

To avoid a pending recession, Malaysia’s second stimulus package of more than 30 billion ringgit is in the works and is likely to be officially announced tomorrow.

This was in tandem with Deputy Finance Minister Kong Cho Ha comment that the government is planning an additional package when he spoke to the media last month.

With Malaysia’s economy growing at its slowest in recent decade, widening budget deficit and job security on the minds of many, the government has swung into action with its monetary measures.

From that 30 billion ringgit ($8 billion US) figure, some 5 billion will be allocated on operational spending and the other 5 billion ringgit on development.

The final figure of the stimulus package may end up to be 35 billion ringgit.

Opposition de facto leader Anwar Ibrahim commented regarding the package on his website, “The question arises then why did we not act sooner? Our economy is buckling under the pressure of a global recession. Every month that passes more factories are closed and more jobs are lost. Some groups have predicted nearly 400,000 more are at risk in 2009. We are facing a slowdown. Unemployment is rising. It could take as long as 18 months to see signs of recovery in the global economy”

20 Page Alternative Budget Proposed By Anwar