Malaysia tables 2.69b dollar spending plan
Friday, 6 March 2009
KUALA LUMPUR, Mar 5 (AFP): Malaysia today tabled in parliament plans for a ten billion ringgit (2.69 billion dollar) spending plan to help bolster the economy amid fears it is on the brink of a recession.
The new stimulus package, also called a mini-budget, follows a seven billion ringgit plan announced in November that is being spent on "high-impact" projects including roads, schools and low- cost housing.
Deputy finance minister Kong Cho Ha said that more measures may be revealed next week when deputy premier Najib Razak, who is also the finance minister, is due to give the house a fuller explanation of the spending plan during the second reading.
"What was tabled today is five billion for operational (spending) plus five billion for development. There may be more things coming," Kong told reporters following the first reading of the bill in parliament.
The new stimulus package, also called a mini-budget, follows a seven billion ringgit plan announced in November that is being spent on "high-impact" projects including roads, schools and low- cost housing.
Deputy finance minister Kong Cho Ha said that more measures may be revealed next week when deputy premier Najib Razak, who is also the finance minister, is due to give the house a fuller explanation of the spending plan during the second reading.
"What was tabled today is five billion for operational (spending) plus five billion for development. There may be more things coming," Kong told reporters following the first reading of the bill in parliament.