Further measures & packages to fortify Malaysian economy?

DAP National Deputy Chairman and MP for Kepong Dr Tan Seng Giaw believes that it is time for the Prime Minister and Finance Minister Datuk Seri Najib to come out with further measures including more and well-managed stimulus packages to fortify the country against the worsening economic situation.

Yesterday, Najib said that the Government would not rule out introducing another stimulus package to help strengthen the country’s economy should the global economic situation deteriorate further.

While it is difficult to predict whether the global economic depression will get worse, the Government has been painting a brighter picture of our economy. Now, Najib has revised the Gross DomesticProduct (GDP) for Malaysia this year, as between -4% and -5%, compared with -1% to +1% previously.

On 4 November, 2008 and 10 March, 2009, the Government tabled in Parliament stimulus packages of RM 7 billion and RM 60 billion respectivey. We had hoped that RM 67 billion would be sufficient to help the country face the global depression. Now, it is evident that the two packages are not enough. Meanwhile, we expect the Finance Ministry to ensure that the award of contracts and the management of over 42,000 projects thus far are done fairly and efficiently.

Besides the effective use of the RM 67 billion from the two packages, the country needs further measures including another package or packages which are managed well.

Dr Tan Seng Giaw