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RM20 billion for 2020 Economic Stimulus Package

PUTRAJAYA, 27 February 2020 - Interim Prime Minister Tun Dr Mahathir Mohamad today announced RM20 billion Economic Stimulus Package to economic risks associated with COVID-19 outbreak can be addressed effectively.

He said the package is anchored on three strategies, namely mitigating impact of Covid-19, spurring rakyat-centric economic growth and promoting quality investment.

Various strategies have been formulated to ensure that Malaysian economy remains on strong foundations, he said.

The Economic Stimulus Package was announced as scheduled despite the political crisis brought on by attempts to realign the country’s political landscape which saw the Pakatan Harapan government losing its majority in Parliament.

Malaysia recorded 22 positive cases of Covid-19 with 20 patients have fully recovered so far.

Approximately 80,000 people have been infected with the disease worldwide with over 2,800 deaths recorded mostly in China.

Dr Mahathir said the most immediate economic impact of COVID-19 has been the sharp decline in tourist arrivals throughout the region as hotels, airlines, travel companies and more broadly the tourism-dependent retail industry have been badly affected.

To mitigate the impact, the government will implement a three-pronged approach – first, to ease the cash flow of affected businesses, second, to assist affected individuals, and third, to stimulate demand for travel and tourism.

Dr Mahathir began his speech by expressing his highest appreciation to the doctors, nurses, health workers, Immigration and other front liners protecting Malaysia from the Covid-19 outbreak.

Source: Bernama

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