Abdullah: New stimulus package will save nation from recession

KUALA LUMPUR, March 10 — The RM60 billion second stimulus package tabled in the Dewan Rakyat today will generate economic activities and insulate the economy from slipping into recession, Datuk Seri Abdullah Ahmad Badawi said today.
The Prime Minister said the package or mini-budget covering all sectors was a balanced package that would provide the much-needed boost to the national economy.

“The measures taken, if implemented effectively and efficiently, will help the economy recover. The measures taken will help strengthen the economy.
“InsyaAllah (God Willing), the pre-emptive measures will not lead us into recession,” he told reporters after his deputy Datuk Seri Najib Tun Razak tabled the second stimulus package in the Dewan Rakyat.
Abdullah said that for a big budget involving RM60 billion, certainly it would require serious, thorough and effective planning involving all segments of the government machinery and the private sector.
“Cooperation between the two sectors is very crucial as the successful implementation of the projects and programmes will yield immense benefits to the people,” he said.
Abdullah said an effective implementation that really benefited the people was the end-result that would help the economy recover and accelerate the pace of development.
“God Willing, our nation is resilient enough to withstand the pressures and challenges that may surface following the worsening economic crisis,” he said.
Abdullah said his deputy had stressed the importance to understand the gist of the stimulus package to ensure a bright future for the nation and to ease difficulties for the people.
He said the people’s support in ensuring success of the stimulus package was crucial besides efficient implementors in the public and private sectors.
“If we are united and cooperated with one another and did not think anything else besides focusing our mind and objective to implement the stimulus package successfully.
The Prime Minister said the RM60 billion second stimulus package would be sourced from internal financial sources to be implemented this year and next year.
On Nov 4 last year, Najib unveiled a RM7 billion stimulus package to reinforce the economy from external pressures from global economic crisis.
The government envisages the Growth Domestic Product to be at 3.5 percent.
The RM60 billion, close to nine percent of the GDP, will increase the federal government’s deficit to 7.6 per cent from 4.8 per cent.
Implementation of a stimulus package of this financial size is the first in the country’s economic history. — Bernama

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