By Adib Zalkapli
KUALA LUMPUR, Feb 26 — Deputy Prime Minister Datuk Seri Najib Razak pleaded today for more patience from the public over the management of the economy, and gave an assurance that the tabling of the mini-Budget on March 10 will not be a case of too little too late.
"We have to go through the process and not just the timing, to ensure it achieves its purpose.
"I think it is more important for it to be focused and targeted," Najib told reporters today after opening a ministerial meeting on food security here.
With economic projections appearing to be bleaker than expected, job losses are starting to pile up — latest statistics show 50,000 are already jobless — while more plants and businesses are facing permanent shutdowns.
There is mounting concern and impatience among the public now over any delay in implementing a stimulus package.
"We have factored in the current external environment which is deeper and more serious than anybody anticipated and the stimulus packages in America have not really shown dividends yet, so in view of the weakening and deepening crisis, the second stimulus package will have to be bigger and more comprehensive in nature," said Najib of the mini-Budget.
So far Najib, who is also Finance Minister, has refused to disclose how big the mini-Budget will be.
"We will state the hard facts when the time comes," he said.
It was estimated earlier that the government would present a stimulus package worth at least RM10 billion, but Deputy Finance Minister Kong Cho Ha said last week that the value of the mini-Budget would be above RM30 billion.
Finance Ministry and Economic Planning Unit officials are still busy crunching the numbers and receiving feedback from various ministries in a race to put together the package to be announced by Najib on March 10.
On the effect of the economic crisis on food production, Najib said the government has set aside RM5.6 billion for the purpose and hoped to increase rice production levels from 73 per cent to 86 per cent of local consumption.
He added that the government is facing a tough time balancing the needs of consumers and farmers.
"We are facing several threats, among others, the increase in fertiliser price, but reduction in food price. The increase in production cost put our farmers under a lot of pressure. If we want to increase the price, consumers will face the consequences," said Najib.

written by Andrew, February 26, 2009
written by scrutinizer, February 26, 2009
As far as we can see, the govt EPU did not call in all elite business leaders in various industries to sort out the root causes & work out counter measures. Hypocrites only talk but no actions!
The first stimulus of RM7 billion was a total failure for the new finance minister. He is totally lost and has no clues as to how to tackle this economic tsunami that has engulfed the whole world.
written by Jambu, February 26, 2009
written by hsl_my, February 26, 2009
written by fianance101, February 26, 2009
7 billions already spent...Where? how?
u need more time to get your proxy ready for the 30 billions?
written by Durian Besar, February 26, 2009
To date, we have not seen any positive effect resulting from the skimpy 7b stimulus plan. It is only less than 2 weeks from 10 March, Najis is still unable of fixing the 2nd stimulus package. All he has been giving us is empty promises, hollow consolation, meanwhile, petrol price stay steep, tolls are going up, employment rate is soaring. There will soon be tempest in social stability, robbery, snatching will increase by the day.
People are left to be on our own again, drifting along in the billow. Some survive, some die, notwithstanding all will suffer (except the UMNO/BN ruffians who will continue to indulge in luxury).
Whose fault is this? the corrupted UMNO and BN!
It is time they the seats and let the capable and righteous helm take over.
In Malaysian history, UMNO and BN will go down in notoriety.
Since we will left to heal on our own, we might as well get rid of the leeches that suck our blood. That way, we will recover better.
written by ByStander, February 26, 2009
written by Ali Wahab, February 26, 2009
The economy is the one which is impacted or stimulated hence it is the call of the driver. The question is who is the driver? We should think the one at the wheel is the driver and who is at the wheel now?
written by kz, February 26, 2009
written by Jonas, February 26, 2009
written by ..., February 26, 2009
written by quicky, February 26, 2009
written by NoBrainer, February 26, 2009
written by Lim Chong Leong, February 26, 2009
And what RM7 billion package? We are 20 over million population only RM7billion. His own one time commission is half billion! Busturd! Now he wants more time when he has done nothing so far. Just like his predecessor. 6 years that AAB did nothing only when he is to be removed, he does some sandiwara like MACC and JAC, all actually nothing but mediocrity BS.
written by Carol , February 26, 2009
Is toll rise part of the stimulus package ? WTF !!
http://www.thestar.com.my/news/story.asp?file=/2009/2/26/nation/20090226112045&sec=nation
written by GUADAHLAMASABAR, February 26, 2009
PM in line? I see no future in Bolehwood!!!!!!!!
written by ajax, February 26, 2009
now, need more time to plan
next, wait for another 4 years for next general election
written by flyer168, February 26, 2009
With the Global Financial Meltdown, NO Country/Government can understand & appreciate the "Actual Impact" to the "Nation" & its "People" until they get hit "Hard" like "Iceland."
Iceland has a population of about 300,000 citizen, half of whom have their "Home" there, work overseas, enjoy the "Welfare State Benefits" but do not pay "Taxes" from their "Oversea Income"....
Alot of "Wheeling & Dealing" goes on with the "Hot Russian Oil Money" available leading to the "Carefree MAX GAIN US Investments, etc"....
And "Bang" the US Subprime Financial Market Bubble "Burst" resulting in the "Collapse" of the Icelandic "Financial Market & its Economy"....
Today even their "Millionaires" are "Crying" when their Icelandic Kroner is only worth 20%, so you can imagine how the rest are surviving....
No jobs, no money, no future in sight....hungry people...so they "Protested" until the Government of the day....
"ACCEPTED THEIR FAILURE NOT THROUGH CORRUPTION THOUGH"....thereafter "GRACIOUSLY & HONOURABLY STEPPED DOWN ENBLOC".
A "New Government is now in place" to "Salvage" the nation !
Do you know what is happening in this Bolehland ?
With the "Double Whammy" Financial & Political Tsunami at our doorsteps....there is still no "Structured Contingency plan nor Quantums" in place....
Whilst the G20 Presidents/PMs/FMs/Governments are strategising & synergising their positions on the GLOBAL FINANCIAL "Chess Board"....
In this Bolehland....
Mahathir wants to retire gracefully but....cannot yet...with Mukhriz's position still "Hung."
Pak lah also wants to retire gracefully but....cannot yet...with SIL's position still "Hung."
Bank Negara's Zeti also wants to retire gracefully with a UN position but....cannot yet...as PM & Finance Minister/PM wannabe are still....
"Quarreling with PR & Anak Bangsa Malaysia with POLITICS JAGUH KAMPONG ala KINDERGARTEN style & still playing with Marbles" when all the other nation's PM & FM are playing "Chess."
We the "Rayaat" have to be "Proactive" and it is a matter of "What can I do for myself & my family NOW" rather than "Ayooo...will the gomen help me...how to live with no money lor !"
SOON....it will be "Every man for himself"....
So please consider repositioning yourselves & family financially (mortgages, Loans, educational expenditures, etc); Rentals cheaper than loans >50% repayments; downsize your cars/loans; reposition your profession, career, jobs, etc;
As such...my frenz....“Pleez Fasten your seatbelts tight” to safely ride this "Double Whammy" Financial & Political Tsunami !
written by lasersharp, February 26, 2009
Be on the look out for Msian imports used for processing and re-export. If import starts falling more and more it's a sign that things are not picking up.
written by Ole Timer, February 26, 2009
Our foreign exchange reserves have plunged from a massive US$124 Billion in August 2008 to US$96 Billion in December 2008 – a loss of US$28 Billion in a mere three months. It is expected that in the coming months, our reserves will decrease further.
The initial RM 7.5 million stimulus plan appears insufficient and the Government have indicated a second one is necessary. How much is required and where is the money coming from? Although Mr Najib may have said that Malaysia have sufficient surplus to cover this, I am not so sure. With the decreasing surplus, it is possible we will have insufficient money to fund the second stimulus.
Which then perhaps explains the statement made by Mr Abdullah that "we will be alright as long as we have sufficient money". Question again is, will we have and where will the money be coming from?
In the Wednesday January 7, 2009 Business Times (NST), it was reported by CIMB Investment Bank that the Govt is likely to sell a record RM73b worth of bonds this year to fund economic stimulus spending.
RM73 million! Ouch! That's an awful large amount of money.
Will EPF be forced to take up most of these bonds? What if the economy remains stagnant or worse, deflates for the next 3 years - the most likely scenario given our experience in 1982 and 1987 - how will the government pay back EPF? Will they print more money?
To have to borrow from the EPF means we appear not to have sufficient reserves. We are like the US ... insufficient reserves but in fact a large deficit (borrowings). How much is Malaysia's deficit now? RM50 billion? Or more? Especially in view of our continuing weakening Ringgit.
So what will happen if we start printing more money? Ringgit's value to drop further? Until zero?
Sorry to be an alarmist but I think the road ahead looks bad. Real bad. And I have not even started questioning where all the RM 7.5 + 73 billion is going to.
written by icsa, February 26, 2009
written by Ototo, February 26, 2009
Have faith, work hard & smart, remove all forms of hatred and anger from your system and pray to God with a real good, kind & generous heart and next year spring will again come
Do you need a Guarantee Card on this ?????????????????????????????????????????????????????????????
i know what I am talking about, cos I have went through this type of White Barbarians-made Dark Tunnels a few times.........and each time there-after, the property and stupid car price doubled & tripled. and people started to spend as if tomorrow never comes.
Do not disdain of your situation in life for it is there for you to face, suffer and conquer. And conquering it will be much easier when done in One United Will. There is no other way to defeat this potent Force.
For if the ECONOMISTS are so bloodly great, we won't be suffering this types of repeated economic downfalls over and over again..this proves that the World's economic books needs to be re-written in a more human-friendly and practical ways.
Universities should not be using OUT OF DATE and OUT OF TOUCH books to churn out tomorrow's generation with yesterday's mindsets that are useless even for today.
I rather consult an Astrologer; for at least he is not day-dreaming.
written by POSITIVE THINKER, February 27, 2009
written by Old Timer, February 27, 2009
written by HJ Angus, February 27, 2009
After all they too have a right to govern in peace.
Now the BN government has lost its focus and time is something the world economy does not give you.
Precious time has already been lost and there is no light at the end of the tunnel except empty promises.
written by Hamilton Bacon, February 27, 2009
written by amoker, February 27, 2009
written by HJ Angus, February 27, 2009
That is how a lot of the stimulus package is going to be spent - propping up inefficient contractors who do not know how to make competitive bids.
Yeap.... that's how the money will be circulated like this:
I guess each RM500k will generate at least another RM500k in the markets like RM100k "kopi duit" etc.




