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The RM3 billion economic stimulus package should be regularised by way of presentation to Parliament in the form of a mini-budget bill as a first step to restore public confidence

Media Statement
by Lim Kit Siang

(Penang, Saturday): The RM3 billion economic stimuls package of "pre-emptive measures" announced by the Prime Minister, Datuk Seri Dr. Mahathir Mohamad on Tuesday to sustain the country's growth momentum in the face of a slowdown of the United States economy has not proved to be very stimulating, as evident from the 21.64 point plunge of the Kuala Lumpur Stock Exchange Composite Index (KLCI) to 647.48 in the past four days, which is not only the lowest level of the KLCI for this year but for the past 23 months.

The Cabinet on Wednesday should give serious consideration as to why the RM3 billion economic stimulus has been such a flop that it has failed to shore up market confidence, or as a market dealer has succintly pinpointed the problem: The missing ingredient is confidence.

The most urgent problem facing the country is how to restore market and investor confidence.

As a first step, the RM3 billion economic stimulus package should be regularised by way of presentation to Parliament in the form of a mini-budget bill as a first step to restore public confidence.

In showing utter contempt for Parliament in announcing the mini-budget inside the Parliament building but not in the Parliament chamber, when it should be first presented, debated and approved by Members of Parliament, Mahathir should be referred to the Committee of Privileges for a gross breach of parliamentary privileges of the Dewan Rakyat.

How can the government expect to restore market and investor confidence when the Executive continues to be so high-handed showing utter contempt for the parliamentary conventions, rules, laws and the Constitution?

The government must face up to the fact that public confidence in the accountability, efficiency and integrity of government has reached an all-time low in the nation's history, and this is why the most important element in the new crisis economic package must be to restore confidence to able to rally united national support behind the government.

Two major measures the government must take to restore market and investor confidence are:

revoke and end all bailouts of crony companies using taxpayers' money through government-linked funds and agencies and iron-clad guarantees that there would be no repetition of outrageous bailouts like the buy-back of Tajudin Ramli’s MAS stake and the Time dotCom IPO fiasco; and
highest standards of accountability, transparency and integrity to ensure that there would be no abuses of the increased powers given to Ministries, statutory authorities and government companies to approve tenders running into tens of millions of ringgit without having to observe the existing rules and regulations.

(31/3/2001)

*Lim Kit Siang - DAP National Chairman

The RM3 billion economic stimulus package should be regularised by way of presentation to Parliament in the form of a mini-budget bill as a first step to restore public confidence

Media Statement by Lim Kit Siang

Media Statement
by Lim Kit Siang