Malaysian government announces $9.7bn stimulus package

Malaysian government announces $9.7bn stimulus package

 

Malaysia’s new total lockdown – in place from 1–14 June – has prompted the government to put together an economic stimulus package worth RM40 billion ($9.7 billion).

Malaysian Prime Minister Muhyiddin Yassin said the package, called the Strategic Programme to Empower the People and Economy Plus, will increase the capacity of hospitals treating Covid-19 patients, and to support businesses impacted by the pandemic. The Malaysian leader said the total lockdown (or movement control order) will have a huge impact on the nation’s economy and the lives of the public.

Some RM2.1 billion ($525 million) will be distributed to lower-income households earning less than RM5,000 a month.

In addition, Muhyiddin Yassin said that an optional loan moratorium will be offered to the bottom 40% of earners including people who have lost their jobs, as well as micro businesses and small and medium enterprises (SMEs) that are not able to operate during the movement control order.

He also announced a RM500 ($121) one-off aid payment for 17,000 tour guides, 40,000 taxi drivers, 11,000 school bus drivers, 4,000 express bus drivers as well as 62,000 e-hailing drivers.