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No. 4699 PP 2644/12/2009 (023092)

Wednesday
February 18, 2009
TELLING IT AS IT IS www.sun2surf.com

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No Doubt

SHARIL AMIN/THESUN
pg20
it’s Streep

Bigger second A tearful Wong at

the press conference
yesterday in which she
offered to resign from
her posts.

stimulus package
by Maria J. Dass
newsdesk@thesundaily.com »
Among the key indicators:
The International Monetary Fund
(IMF) has reviewed the estimated
the GDP in 2008.
“This situation provides an advan-
tage and flexibility to the country to
UALA LUMPUR: Datuk Seri

K
Najib Abdul Razak will table
the second economic stimulus
package in the Dewan Rakyat
on March 10 – and he promises
it will be “bigger and more compre-
hensive” compared to the first one
announced last November.
Addressing concerns about the
economy raised in the Dewan Rakyat
yesterday, the deputy prime minister
and finance minister said the govern-
ment will also be reviewing its earlier
3.5% economic growth forecast for this
year in line with new challenges that
have surfaced.
“In view of the current situation
and challenges, the second stimulus
package will be more wholesome in
nature compared to the first stimulus
package (of RM7 billion) tabled last
November. This package has been
dubbed as a mini budget for the coun-
try,” he said.
Najib declined to disclose the al-
location involved, saying the detailed
analysis and valuations are being
done to take into account the current
economic landscape.
He said the government is exploring
and considering the additional needs
of small and medium enterprises to be
included in the second package, and
those projects needed for both urban
and rural areas.
Najib gave some grim statistics,
although there were some positive
numbers as well.
global economic growth for 2009
from 2.2% to 0.5%, while the global
trade growth estimates have been
reviewed to negative 2.8% from
positive 2.8%.
» The stock market standing at 903.52
points from its high of 1,519.22 points
on Jan 11 last year.
»
The country’s exports experienced
a fall of -2.6% in October last year,
-4.9% in November and -14.9% in
December.
» The industrial production index
(IPI) also deteriorated when October
recorded -2.8%, November -8.2%
and December -15.5%.
» Retrenchments from October 2008
to January 2009 totalled 10,277, and
4,207 took part in voluntary separa-
tion schemes in the same period.
Najib reiterated that the economic
fundamentals of the country were still
strong and that it had growing interna-
tional reserves of up to US$91.3 billion
(RM332.6 billion) as of Jan 30, 2009,
and was able to support 7.5 months of
delayed imports.
He also said the banking system was
strong and competitive, especially the
Islamic banking system, and thus more
resistant to the global monetary crisis.
The level of unpaid debts was low
at 2.2%.
The inflation rate was also projected
to be stable and expected to rise at a
low rate in 2009.
The level of the national gross sav-
ings remained at a high level of 37% of
harness more available resources to
support private sector activities and
the country’s economic growth as a
whole,” said Najib.
“With the implementation of the
first and second stimulus packages,
the government with the full support
of all concerned, including the private
sector and the people, is confident of
avoiding experiencing the economic
downturn.”
Meanwhile, Prime Minister Datuk
Seri Abdullah Ahmad Badawi said
only 70% of the RM7 billion economic
stimulus package had been disbursed
and told the public sector to buck up
in planning and implementing people-
oriented projects under the package,
Bernama reported.
He said if the money was not spent
quickly the government’s efforts to
stimulate growth to cushion the impact
of the global economic recession would
not be realised.
“We understand that the allocation
has been given, so it is the duty and
responsibility of all of us to work as
quickly as possible so that the projects
can be implemented,” he said at the
Defence Ministry’s monthly assembly
here yesterday.
On the second package, he said:
“This will surely involve a big expendi-
ture, maybe more than that given out
last November. This calls for all of us
(in the public sector) to work harder so
that what has been allocated is imple-
mented as soon as possible.”
Wong offers to quit
by Tim Leonard
and Giam Say Khoon
newsdesk@thesundaily.com
PETALING JAYA: Bukit Lanjan
assemblywoman and Selangor
executive councillor Elizabeth
Wong, whose partially-nude pho-
tographs have surfaced in public,
offered yesterday to resign from
both her posts.
She announced her decision
at a press conference at the Parti
Keadilan Rakyat (PKR) headquar-
ters, saying she was doing it in
the interest of her party (PKR),
of which she is also the Wanita
chief.
In an immediate response,
Selangor Mentri Besar Tan Sri
Abdul Khalid Ibrahim said he will
seek an audience with the Sultan
of Selangor, Sultan Sharafuddin
Idris Shah, to brief him and seek
his guidance on Wong’s offer to
resign from her posts.
He said he had received
Wong’s letter and had advised
her to take leave and have a
“deserved rest”.
He described Wong as an
exemplary exco member and
expressed confidence that the
people would reject the use of
such tactics to smear her name.
Wong, 37, who is in charge
of tourism, consumer affairs
and environment, read from a
10-paragraph statement at the
press conference and sobbed as
she did so.
“I will discuss with the mentri
besar to arrange for the proper
handover of my responsibilities. I
will continue to serve the people
and fight for the justice in Malay-
sia,” she said.
She declined to answer ques-
tions from the press or from her
supporters.
One of the more than a dozen
supporters who gatecrashed
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