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He said stimulus packages should not be about resorting to popular policies or handing out cash and target one group or area, but benefit the whole country.

He said the government was focused on boosting investments and credit flows while providing government guarantees and infrastructure expansion.

With foreign investment expected to fall by 50% to RM26 billion this year, Najib stressed, Malaysia must either respond domestically or waste precious years where it should be building a better society.

He said that was why the government announced the two stimulus packages - RM7 billion in November and RM60 billion last week.

"Accounting for 9% of Malaysia's gross domestic product, the RM60 billion alone is the biggest stimulus package in our history," Najib said.

"Some may say this is too much. But with our low foreign debt, large international reserves and ample banking sector liquidity, we have the capacity to fund it," he said, adding that the risk is not that we do too much, but that we do not do enough.

He said when the world eventually recovers from the crisis, the government wants Malaysia to be best positioned to take advantage of that recovery.

"That is why we have decided to balance short-term requirements with building for the future. The mini-budget is designed to provide a quarter of the stimulus funds as a boost to meet people’s immediate needs, with the remaining 75% for medium- and long-term development goals."

He said Malaysia's corporate tax of 25% was comparable with other countries, however, considering the many incentives offered to investors, the country’s effective tax rate was between 3% and 7%.

The technical committee set up to monitor the implementation will meet regularly and report to a steering committee which Najib chairs.

"I will then report to the ultimate beneficiaries of the effort, the Malaysian people. They are the appropriate judges of the mini-budget's success," he said.

He said the government would champion inclusiveness not just because it was a foundation for political stability and economic growth, but because it was right and hoped that the Group of 20 leaders would take similar steps when they meet in April.