Malaysia prepares to roll out support packages for businesses and citizens

The Malaysian government is looking at rolling out new support packages for individuals and companies that are struggling to survive due to the spread of COVID-19.

The new initiatives would cater to Malaysians and businesses that are the most affected by the pandemic, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz at a media conference in conjunction with the Perikatan Nasional government’s one-year administration tenure.

“We have begun to collect and mine the data on which individuals and companies need the most assistance,” he said, adding that “we are still in discussion with related ministries on how we can help these identified individuals and sectors”, according to the New Straits Times.

Through the Ministry of Finance’s (MOF) engagement sessions, the government found out that there were individuals and micro SMEs that were unaware of the government assistance available. To that end, it intends to boost its outreach programmes so that people are aware of the forms of support provided. 

Although the economy has restarted, the minister noted that sectors like tourism and retail were unable to recover their operations to pre-pandemic levels. The uncertainty in travel restrictions and the closure of country borders have also added a slump in tourism, he said. 

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“The country’s deficit has increased as we have increased our borrowings, but it is important to support our people and businesses during these times, and we will find the resources to finance the government’s supportive measures,” the minister said.