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Najib Says Malaysia Needs Bigger, More Comprehensive Spending

By Wednesday February 25th, 2009 No Comments

Feb. 26 (Bloomberg) — Malaysia’s Finance Minister Najib Razak comments on economic growth and the government’s second stimulus plan, which he’s due to unveil in a so-called mini budget on March 10. He spoke to reporters today in Kuala Lumpur.

On the risk of economic contraction in 2009:
“I am working on the mini budget and have factored in the current environment, which is deeper and more serious than what anybody anticipated. Even the stimulus package in the U.S. has not shown any dividend yet. That is why we need a bigger and more comprehensive budget in nature. We will state the hard facts when the time comes.”

On the risk that the stimulus may be too late for Malaysia:
“We have to go through the process. It’s not just the timing of the package. The package itself has to achieve its purpose and it must be focused and targeted. So it’s not just the timing alone. It will take some time””

On whether the stimulus will be large enough compared with Malaysia’s gross domestic product:
“We will try to do our best. Other constraints, resources and the budget deficit are things that have been taken into account.”

Source : Bloomberg

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