DAP national chairperson Lim Kit Siang today questioned the government's decision to present the first 2003 economic stimulus package in parliament o­n April 7 just to fit in Prime Minister Dr Mahathir Mohamad's schedule.

He said that as parliament would be adjourning o­n April 8, it would leave no time for MPs to study and debate o­n a matter of significant importance to the nation.

The package's unveiling had been postponed from end-March due to "scheduling problems" as Dr Mahathir Mohamad is due to return home in the first week of April before continuing his two months' leave.

Lim said that if the 2003 economic stimulus package has to be re-scheduled, it should be to fit in with parliament's schedule and not with the itinerary of Mahathir during his two-month leave.

Act of contempt

"This is because the economic stimulus package should be presented to parliament for debate and approval, especially as parliament is currently in session," he said in a statement.

The former parliamentary opposition leader said that it would be an act of supreme and utter contempt for parliament if the first 2003 economic stimulus package is presented outside parliament although it is in session - o­nly to be brought to parliament a few months later for rubber-stamping for retrospective approval of additional budget allocations by way of supplementary budget estimates.

"If so, then parliament deserves to be condemned as an useless and redundant organisation, and completely irrelevant as a result of the usurpation of its powers by the executive and the destruction of the doctrine of separation of powers," he added.

Lim suggested that the 2003 economic stimulus package should be presented o­n April 3 thus allowing time for at least a two-day parliamentary debate after a clear 24-hour interval for MPs to study the package.

"There are many matters about the economic direction and future which warrant urgent and in-depth debate in parliament as Malaysia is quite lost in the deepening economic crisis facing the country, coupled with worsening international competitiveness.

"This is why a parliamentary debate and approval o­n the economic stimulus package is so imperative, relevant and timely," he added.

Money down the drain

Lim also slammed second finance minister Dr Jamaludin Jarjis (photo) for the launching of the government's RM10 billion fund, Valuecap Sdn Bhd, which is being used to prop up the ailing stock market.

The fund's asset management company - equally owned by Khazanah Nasional Bhd, Permodalan Nasional Bhd and Kumpulan Wang Amanah Pencen - has been tasked with the job of buying shares that were "underpriced".

"Although Jamaluddin said Valuecap's operation was to inject additional institutional funds and boost liquidity, he conspicuously failed to point out the utter failure of the RM1 billion to RM2 billion which Valuecap had spent in the past two months to prop up the stock market," he said.

According to Lim, the Kuala Lumpur Composite Index (KLSE) last Tuesday closed at 619.22 points, which was 6.54 points lower than the 625.76 o­n Jan 9 - the day before Valuecap started its stock market intervention.

"After throwing RM1 billion to RM 2 billion into the stock market, the KLCI is lower than before the entry of Valuecap two months ago," said Lim

"Malaysians are entitled to ask for a full explanation as to the rationale and modus operandi of Valuecap, and the justification for throwing RM1 billion to RM2 billion down the drain in the past two months - and who actually were the real beneficiaries."