Malaysian Government to spend billions

March 10th, 2009 - 12:13 pm ICT by Amrit Rashmisrisethi  

The Malaysian government announced that it will be spending billions of dollars to help due to the bad economy status and seeks to set our a new spending measure, said a source familiar with the government’s plan on Tuesday.

Deputy Prime Minister Najib Razak would set out spending worth ‘much, much more than the 10 billion(ringgit) we announced last week’ but did not provide a precise amount.

According to the economist estimation for this new spending scheme package range from around RM15 billion to RM35 billion.

Najib raised the government’s 2009 budget deficit forecast from a projected 4.8 per cent of gross domestic product, the source said.

‘The government has decided that it will worry about the deficit later. We can fix the deficit, but we can’t fix the present situation,’ said the source.

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