The Anticipated 2nd Stimulus Package/ 第二刺激经济配套

The much-anticipated 2^nd stimulus package or mini budget was finally unveiled by the Deputy Prime Minister who is also the Finance Minister I.

I am surprised that the amount RM60billion over 2 years was much higher than anticipated. This is a good sign that the government is not in state of denial and Malaysia, like any country in the world will not be spared from the economic tsunami originating from America.

It is good that the government has readjusted the GDP growth this year from a predicted 3.5% when presenting the 1^st stimulus package to 1 to -1% of GDP growth this year. The 2^nd stimulus package is about 9% of GDP growth over 2 years. This will be financed from the domestic financial system. That will not burden the government with foreign debts, which may have an impact to the actual cause of borrowing because of currency fluctuation.

If we take into account that the yearly budget under RM9 is RM40 billion, the additional RM30 billion would mean a RM70 billion budget for 1 year. However, the actual government spending under the 2^nd stimulus package is only RM15 billion since the rest is in the form of government guaranteed bank loan.

With the private sector reducing their investment and spending, the government needs to balance the economy through direct spending to prevent a steep downturn.

If the 1^st and 2^nd stimulus package can reach its target, we will be spared a severe economy contraction as experienced by other countries

It is good that the 1^st thrust of the stimulus package is to reduce unemployment and increase employment opportunities. RM700 million is allocated to create 163, 000 job opportunities in public and private sector. The double levy imposed on foreign workers except from plantation, construction and domestic sectors hopefully will reduce the number of foreign workers.

The service sector will feel the pinch since doubling the levy for foreign workers means that the new levy is RM3600 per year per worker.

Reducing the cost in doing business is crucial with turnover down and a margin squeeze. Hence, a lot of people are disappointed that there are no reduction in corporate tax. However, incentives are still given to business which is up to a maximum RM100, 000 for loses incurred this year to be offset against last year’s tax period. For example, if you make a lost of RM200, 000 this year and made a profit of RM300, 000 last year, you are able to claim RM100, 000 loses last year.

Besides that, the double tax reduction on worker’s salary for companies that employ retrenched workers is a welcome move by the private sector. However, the salary should not be more than RM10, 000 a month.

There is also reduction in certain sectors and levy to the human resources fund. The working capital guarantee scheme would help SMI to obtain loans from the financial institutions.

To reduce the burden of the common rakyat of the financial burden, the RM674 million in subsidy to avoid increase in price of bread, rice and wheat and no increase in toll rate will be welcomed by most consumers. House buyers will be given tax relief for interest up to RM10, 000 per year for three years and hopefully this will provide a booster for housing developers.

A lot of industries are disappointed that there is no reduction in electricity tariff and the price for industrial gas remain high.

During an economic downturn, many graduates may opt for post-graduate studies since a total of 500 phd and 10, 000 Masters degree are offered in local universities. Tuition fees and research grants will be given. It is hoped that students will take up these offers rather than be unemployed.

The government becomes more generous to Chinese, Tamil and Mission schools. I am glad to note that the government has allocated RM300million to the Chinese, Tamil and Mission schools. This is in addition to RMM200million announced in the 1^st stimulus package. This is important to show that the government does not give goodies only during election and the government must demonstrate its commitment in education regardless of race and religion.

I am glad to note that all government procurement will be held through open tender. The concept of design and build will not be allowed except highly technical development. This will make construction projects more transparent and people will get project without any political connection and patronage.

To ensure that there is no cost overrun, the government should beef up its standard and cost committee so that all costs of any government projects would be subjected to scrutiny.

However, the committee needs to be staffed by people who are technically competent and that they are there as facilitators for private sector development and not to frustrate private sector.

All in all, it was a good 2^nd stimulus package. No stimulus package will satisfy everybody. It is heartening to note that the government is not in denial and is aware if steps are not taken, this impending slowdown may be a long one. To achieve its target, implementation should not be delayed and this may require constant monitoring by various agencies.

万众瞩目的第二刺激经济配套（迷你预算案）终于出炉，日前由副首相兼财长拿督斯里纳吉公布。

我感到以外的是，第二项刺激配套总额高达600亿令吉比预期中要高。不过，这是好的现象，显示政府没有拒认现实。须知在这场源于美国的经济海啸，任何一国家包括大马都无法幸免。

在次轮配套，政府下调2009年的经济成长预测，从原计的3.5％调降到1至－1％，该水平预料占国内生产总值9％比例。这笔资金将国内由国内金融机构注入，因此不会增加政府的外债负担。

假设第9大马计划的年度预算是400亿令吉，注入额外的300亿令吉后，每一年的预算高达700亿令吉，而事实上，政府在第2振兴配套的支出只占其中150亿令吉，其余则是政府担保的银行贷款。

由于私人企业减少投资与开支，政府需透过直接开支来平衡国内经济，避免市场急遽衰退。如果这两项振兴经济配套能奏效，我国经济将可避过严重萎缩。

刺激配套的第一项执行目的锁定减少裁员及增加就业机会。政府拨出7亿令吉在政府和私人领域制造16万3千个新职。与此同时，除了种植、建筑业及女佣，其他行业的外劳人头税将增加一倍，希望这有助减少外劳人数。例如，在服务行业，每位外劳的人头税将涨至3千600令吉。

面对营业额剧降及利润紧缩，减低生意成本是必要的。因此，许多人对政府未下调公司税而失望不已。然而，为了增加企业的现金流转，政府提供税务奖掖，所有企业可以将现年的亏损，推算至前一年来抵消，最高的亏损额是10万令吉。例如，一家企业2008年获得利润30万令吉，今年蒙受20万令吉亏损，该公司可用去年的利润抵消今年的20万令吉亏损，因此它在2008年的应税利润只有10万令吉。

除此以外，政府也获准重新聘用或聘请遭裁退员工的雇主，在缴付公司税时获得员工总薪资的双倍扣税。不过，雇主必须确保该员工的月薪不超过一万令吉。

一些领域的人力资源基金也获得调降。政府也实行运用资本担保计划，协助中小型企业向金融机构融资。

为了减轻人民的财政负担，政府拨出6亿7400万令吉津贴日常生活必需品，以遏制面包、米、谷等必需品涨价，以及严阻大道收费涨价。这项措施广受人民欢迎。此外，购屋者也将享有每年最高一万令吉的房贷利息扣税，长达3年，藉此刺激房产。不过,不少工业人士对政府没有下调工业电费及燃气收费失望不已。

相信在经济萧条期间，许多毕业生会选择继续深造。在高等教育方面，政府就通过此经济配套提供500个博士和一万个硕士研究生学位，承担这些学额的学费和研究费基金，让有意求取更高学位者利用此机会深造。

我也高兴政府拨出3亿令吉改善华小、淡小、教会及宗教学校。这是继第一振兴配套拨出两亿令吉后的额外拨款。这也显示政府并非在只在大选期间捎喜讯。我希望政府能不分种族和宗教，继续密切关注国内各源流的教育发展。

我也欢迎政府采取公开招标采购的措施。政府也禁止“先设计后建设”的方式，除非需要高度技术专业的计划则另当别论。这将确保政府工程计划更透明化，人认也都能竞标政府工程，而无需通过政治关系或举荐。

要避免成本超支，政府需要加强期现有的标准和财政委员会，确保所有政府工程或计划的成本和开支可受审查。

然而，相关委员会的成员必须具有足够的技术条件，以协助促进私营企业发展，而非处处阻碍。

总括而言，这是一项不错的刺激经济配套，须知没有一项计划能满足所有人士。然而，值得庆幸的是，政府没有拒认现实，也清楚了解若不采取应对步骤，这波经济风暴将延续多时。要达到预期目标，政府不能推迟执行所有决定，并确保相关机构持续监督进展和效率。