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Malaysia to unveil economic stimulus package in Feb

AFP, Kuala Lumpur
Malaysia will unveil pump-priming measures to boost its economy when its 2002 GDP figures are released in late February, Second Finance Minister Jamaludin Mohamad Jarjis said Monday.
The new package would be announced by Prime Minister Mahathir Mohamad, who is also finance minister, Jamaludin was quoted as saying by Bernama news agency.
He did not give a date but said it would be unveiled when gross domestic product (GDP) figures were released by the central bank at the end of next month.
"I can tell you right away that we are keenly looking at some new strategies to maintain the momentum of growth. I am inclined to call this "pump priming plus," he said.
"We will at all times maintain a
fiscal discipline and address the budget deficit but we, decidedly don't suffer from formatted thinking or straight jacketing."
Jamaludin said the government would not "irrationally dump money" but would focus on domestic economic activities to generate higher growth and build new growth areas.
The government was reviewing economic and business regulations to ensure flexibility and fine-tuning its approach in wooing foreign direct investment (FDI) to counter competition from China, he said.
"Two years from now, global FDI flows are expected to hit 10 trillion dollars. China is likened to a monster of vacuum cleaner of FDIs," he said.
The economy was now on the right track, with strong consumer spending, passenger car sales and credit consumption on an upward trend, he added.
Mahathir earlier this month said the government would have to boost its economy possibly by "pumppriming, injecting more funds into circulation, spending money on quick projects" amid global uncertainties.
The veteran premier, who has pledged to step down in October after 22 years at the helm, said GDP growth this year was expected to be similar to the 2002 forecast of four to five per cent, compared with an official forecast of 6.0 to 6.5 per cent.
The government has increased spending to support the economy after a recession in 1998 and last year announced the country's fifth straight deficit budget for 2003 since the Asian economic crisis of 19971998.