Malaysia unveils additional stimulus of RM$150 billion

The Malaysian government has unveiled a new economic stimulus package worth RM$150 billion (US$36.2 billion) on Monday, supporting individuals and businesses amid the pandemic as the country extends its lockdown period beyond June 28.

The package – called the people protection and economic recovery package (Pemulih) – aims to help people cope with the financial difficulties arising from the pandemic, said Malaysian Prime Minister Muhyiddin Yassin in a televised address on Monday. 

Of that, some RM$4.6 billion (US$1.1 billion) will be set aside to benefit some 11 million people, which include the elderly and singles. This will also include those in the bottom 40% and middle 40% categories, who will receive between RM$250 (US$60) and RM$1,300 (US$313) respectively. Another RM$500 million (US$121 million) would be allocated to the unemployed, benefiting around 1 million recipients who will each receive RM500 (US$121). 

READ: Two in three SMEs in Malaysia pessimistic on recovery for 2021

For SMEs in Malaysia, additional payments under the special prihatin grant (GKP) will be provided. Companies which quality will receive RM$500 (US$120) in September and another RM$500 in November this year.

This scheme, said the Prime Minister, will help improve the cash flow for around one million SMEs such as barbers, workshop owners, bakeries and health care centres.