Malaysia announces new economic stimulus package

Kuala Lumpur (VNA) – The Malaysian government has announced it has another economic stimulus package in the pipeline, in addition to the 7 billion RM (2 billion USD) package announced in November.

“The Prime Minister has given the directive to begin preparing an additional package,” Second Finance Minister Nor Mohamed Yakcop was quoted by the Star Online as saying.

“We have the capacity to lend some more due to the fact that we have managed to reduce the budget deficit from 5.5% of GDP in 2000 to 3.2% in 2007,” he added.

Nor Mohamed reiterated the fact that projects covered by the 7 billion RM stimulus package would be under way at the various ministries within the first quarter of this year.

Included in the package is an allocation for skills training, including the possibility of retraining retirees for posts that require experience.

One of the key objectives of the first stimulus package was to “ensure that those who wish to work can work,” Nor Mohamed said.

He added: “I am confident that the 7 billion RM will have a positive impact, aggregating demand to mitigate unemployment.”-

---

Possibly related posts: (automatically generated)

• Government may extend stimulus measures
• Latest Column
• Resisting The Stimulus