Malaysia unveils $16.2 bln economic stimulus plan

The Jakarta Post, The Associated Press, Kuala Lumpur | Tue, 03/10/2009 3:43 PM 

Malaysia's government has unveiled plans to inject a massive 60 billion ringgit ($16.2 billion) to stimulate the sagging economy and avert a recession. 

This is in addition to a 7 billion ringgit ($1.9 billion) package announced in November. Finance Minister Najib Razak announced the new plan Tuesday in Parliament. 

But he acknowledged that it may not be enough to prevent the economy going into a recession this year. He says the government has slashed its economic growth forecast for 2009 to a range of minus 1 percent to 1 percent. 

He says the "implementation of such a large stimulus package is unprecedented in the nation's history."