Yes, it is confirmed. The stimulus packages totalling RM67 billion are not exactly biting!Today(13 June)Second Finance Minister, Datuk Seri Ahmad Husni Mohamad Hanadzlah announced that the packages will only be felt in the third and fourth quarters of 2009.
He said the ministries involved in the implementation have offered 43,681 contracts for RM6.95 billion in the first stimulus package and 708,011 contracts worth RM10 billion for the second.
“A total of RM15 billion is fiscal expenditure in the second stimulus package. But only RM10 billion is being utilised for this year with the remainder to be spent in 2010.
“Apart from that, to enhance the development of the country’s economy, the government has switched from the dependence on the manufacturing sector to the services sector as the basis for economic growth,” he said.
Ahmad Husni, said the liberalisation of 27 services sub-sectors as well as the issuance of seven new licences — five for commercial banks and two Islamic banks — is expected to attract even more local and foreign investment.
On the 2010 budget, he said it would focus fully on strengthening national resilience and the development of the economy. He said that the government has formed 21 groups involving 400 representatives from industries, non-governmental organisations and artistes’ who will discuss the above initiative as the involvement of all parties is needed to spur the growth of the country’s economy.
My take is that the positive effects of these stimulus packages may just be felt by the wrong people without any meaningful trickling effect to the poor and the people who will likely spend to improve the economy.
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