Malaysia unveils RM20 billion stimulus package
The Malaysian government announced a new economic stimulus package of RM20 billion (US$4.86 billion) on Wednesday, marking its sixth round of support packages unveiled since the onslaught of the pandemic and bringing the total sum of all packages to RM340 billion (US$82.69 billion).
“To revive economic activity, I am pleased to announce that the government will implement the Strategic Programme to Empower the People and Economy or Pemerkasa worth RM20 billion, with a new fiscal injection of RM11 billion (US$2.68 billion) from the government,” said Malaysian Prime Minister Muhyiddin Yassin in a live address.
The new scheme will comprise 20 strategic initiatives to boost economic growth, support business and extend targeted support to the people and affected industries.
The allocation for the nation’s COVID-19 vaccination programme will be increased to RM5 billion (US$1.22 billion), from RM3 billion (US$0.73 billion) previously, in order to speed up the country’s herd immunity status to December, instead of the first quarter of next year.
With a widespread vaccination, “the government might no longer need to carry out an MCO covering the entire country or a state. Instead, movement control will only be carried out according to locality and focused on related clusters only”, said the prime minister.
Once more people have received their vaccines, inter-state travel would be allowed in stages, and special lanes for cross-border air travel would also be created, he added.