Malaysia has disbursed over RM$330 billion of subsidies
Over RM$330 billion (US$78.9 billion), or 62% of the RM$530 billion (US$126.8 billion) allocated by the government under eight economic stimulus packages have been utilised as of September 24 this year.
The support packages have benefited some 20 million Malaysians, and 2.4 million businesses over the period.
“As the COVID-19 situation is dynamic in nature, the government has remained vigilant with regards to the current developments,” said Finance Minister Tengku Datuk Seri Zafrul Aziz.
He added that the government had implemented proactive and immediate measures to address the COVID-19 crisis, in particular, fulfilling the needs of the public health system, helping affected citizens and assisting business continuity, according to Bernama.
He said that the government has taken an expansionary fiscal policy in dealing with the pandemic: “The deficit for this year is expected to reach between 6.5% and 7.0%. As of September 15, more than 66% or RM216 billion of the RM$322.5 billion allocated under Budget 2021 has been spent as planned”.
“Given the need for additional expenditure, the government will be tabling the proposal to increase the ceiling cap for the COVID-19 fund from RM$65 billion to RM$110 billion to finance the additional aid and support measures for this year and beyond,” he added.