Published February 23, 2009

KL plans RM30b stimulus package

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(KUALA LUMPUR) Malaysia is expected to announce a stimulus plan of more than RM30 billion (S$12.8 billion) to help its economy weather the impact of the global slowdown, a deputy minister was quoted yesterday as saying.

The plan would be aimed at reducing the effects of rising unemployment and benefit all industries, Deputy Finance Minister Kong Cho Ha was quoted as saying by the Chinese-language Sin Chew newspaper. However, the precise size of the package had not been finalised as the government was still working on some of the measures, Mr Kong said in Perak state.

Analysts had expected the plan, which would be unveiled in March, to be between RM7 billion-RM10 billion. The government had announced a US$2 billion spending package in November as a sharply slowing global economy hit demand for the country's key exports. -- Reuters