Proposed Economic Stimulus

Looking at the current global turmoil position, it is hard and also not justified for the Government to spend in big sum to stimulate domestic economy. The problem simply lies in the fact that we cannot foresee the bottom point. I mean today we dump RM10 billion, but US or worldwide economy remains weak, the money spent may stimulate for a short while only, then the Government will face the need to stimulate another round.

As short- to midium-term measures, I would like to urge the Government to consider the following:

• Cut petrol pump price and introduce RON95 soonest possible;
• Allow EPF contributors to withdraw via more avenues, say, use funds in Account II to finance purchase of car etc.;
• Allow EPF contributors who are retrenched or jobless to withdraw for financing living expenses of certain months, say, based on last drawn salary figures, allow sum equivalent to 3 months' gross salaries to be withdrawn, to cushion the impact of jobless-ness and to help avoid banks go after them for being unable to meet monthly commitment;
• Permit set-up of tertiary education institution, encompassing university college, foreign university off-shore campus and so forth, to provide jobbing opportunities to the educated ones, to cut Malaysians' spending in education overseas and to enhance chances of

The above are the most basic ones that the Government should adopt before thinking of further stimulus package.

Regards,
Singaram
Lawyer cum Economist