Tuesday, March 10, 2009

Second Stimulus Package Highlights - RM60 billions !!!

WOW!!! RM60 bil stimulus plan, where do the government get so much money to feed their corrupted officers as well as ministers? It's all our money actually...haiz...

Following are highlights of the second stimulus package tabled by Deputy Prime Minister and Finance Minister Datuk Seri Najib Tun Razak in the Dewan Rakyat today:

* Government unveils RM60 billion second stimulus package to insulate the economy from slipping into recession;

* Housebuyers given tax relief on interest paid on housing loans up to RM10,000 a year for three years;

* Additional RM200 million for pulic low-cost housing scheme for low-income earners;

* RM1.6 billion fund to promote investments;

* RM200 million to repair and maintain roads and drains;

* RM150 million for renovation, maintenance and repairs to welfare homes, fire and rescue stations, firemen living quarters and public toilets in mosques, suraus and tourist spots;

* Government to issue syariah-compliant Savings Bonds amounting to RM5 billion this year;

* RM1.95 billion to build and upgrade facilities in 752 schools, particularly in rural areas, Sabah and Sarawak of which RM300 million will be used to improve facilities in government-aided religious schools, Chinese and Tamil schools and mission schools;

* RM230 million allocated to increase electricity supply coverage and water supply in rural areas particularly in Sabah and Sarawak.

* RM350 million allocated for rural road construction.

* Government will provide RM500 million for maintenance of public infrastructure projects, with emphasis to Sabah and Sarawak;

* RM1.2 billion allocated for providing infrastructures and increasing economic activities in Sabah and Sarawak;

* RM300 million for micro-credit programme under AgroBank to assist farmers and agro-based businesses in rural areas and RM50 million for cottage industries.

* RM2 million Fishermen's Welfare Fund to be established and managed by the Malaysian Fisheries Development Authority;

* RM20 million will be provided to improve facilities of day-care centres for the elderly, improve management of women shelter homes and increase facilities for child care centres;

* Existing tax exemption under the retrenchment benefit will be increased to RM10,000 from RM6,000 for each completed year of service;

* Government to establish a Working Capital Guarantee Scheme totalling RM5 billion to provide working capital to companies with shareholder equity below RM20 million;

* Government to establish a Financial Guarantee Institution with an initial RM1 billion in paid-up capital to provide credit to companies intending to raise funds from the bond market. Bonds totalling RM15 billion will be raised under this facility;

* Rights issues by listed companies will no longer need approval from the Securities Commission;

* To encourage takeovers and mergers, the Code on it will no longer be applied to private limited companies;

* Only the Securities Commission has to be informed of any amendments to the terms and conditions of bonds and sukuk issuance;

* Convertible and exchangeable bonds will be exempted from mandatory rating requirements;

* Permanent resident status will be considered for high networth individuals bringing more than US$2 million for investment or savings in Malaysia as an effort to bring high networth and skilled individuals;

* High-skilled foreign professionals may also be considered for Permanent Resident status;

* Government to provide RM2 billion to assist implementation of projects through Private Finance Initiative and public-private partnerships. Private firms to be invited to bid for the funds;

* Government proposes to increase the number of scholarships for entry into local private universities;

* Government-linked Companies to set up 10 not-for-profit private schools;

* The services sector will be further liberalised to woo more investments, bring in more professionals and technology and strengthen competitiveness;

* Foreign Investment Committee to adopt a more liberal approach to bring positive changes and nurture a more investor-friendly environment to attract more investments including foreign direct investment;

* RTM to be allocated RM20 million to implement several projects to develop the local music industry;

* All government procurements will be made through open tenders or restricted tenders except for specific cases.

I'm just wondering, the amount RM60 billions is so huge, but somehow most of the amount eventually will not reach us. Maybe only 20 to 30% will ever reach, and still not all of us. More likely all of those corrupted government officers... :(


HL said...

Becoz tis is Malaysia !!

BH said...

Cannot comment too much, later kena tangkap under ISA...