As the Deputy Prime Minister and Finance Minister, Datuk Seri Najib Razak is leaving for Peru and the United States tomorrow and will not be back until early next month, when the 2009 Budget would have been passed by Parliament, there is one important thing he should do in the next 24 hours before he goes abroad.
Najib should not leave behind a RM7 billion “black hole” in the 2009 Budget and should direct Second Finance Minister Tan Sri Mohd Nor Yakcop to take necessary action to incorporate the economic stimulus package into the 2009 Budget for parliamentary approval.
All over the world, governments are preparing their countries to face the world’s worst economic crisis in 80 years. China has announced a US$586 billion economic stimulus package while South Korea unveiled a US$11 billion stimulus package. In the United States, Congress is working with the Bush Administration to craft a US$700 billion bailout of troubled US banks.
Malaysia, however, is an oddity. Although the government has announced a measly RM7 billion economic stimulus package when winding up the debate on the 2009 Budget on November 4, this RM7 billion economic stimulus package is quite a mirage as it has not been formally presented to Parliament by way of an amendment to the 2009 Budget and is therefore not before Parliament for approval when every sen of government expenditure must be passed by the House.
This is why there is a complete air of unreality in the 2009 Budget debate, as there is a RM7 billion “black hole” so long as the economic stimulus package has not been incorporated into the 2009 Budget and placed on the agenda for parliamentary approval.
This RN7 billion “black hole” in the 2009 Budget is completely indefensible and unacceptable. The Prime Minister-designate Datuk Seri Najib Razak has got very lousy advisers who could land him in such a trouble as not complying with parliamentary procedures and practices in seeking a formal approval from Parliament for the RM7 billion package. Najib should leave clear instruction for this parliamentary faux pax to be rectified in his absence.
(Media Conference Statement in Parliament on Monday 17th November 2008 at 11am)