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February 23, 2009

Malaysia to pour $8bn into the economy

Malaysia is expected to announce a stimulus plan of more than 30 billion ringgit ($8.17 billion) to help its economy weather the impact of the global slowdown, a deputy minister was quoted on Sunday 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, Kong said in the northern state of Perak.

Analysts had expected the plan, which would be unveiled in March, to be between 7 billion-10 billion ringgit.

The government had announced a $2 billion spending package in November as a sharply slowing global economy hit demand for the country's key exports of electronics and commodities.

Malaysia's exports slumped by 14.9 percent year-on-year in December. Electronics, which account for close on 40 percent of total exports, fell to just 17 billion ringgit, down from a peak of 24.78 billion ringgit in September.






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