Malaysia unveils RM$40 billion stimulus package

The Malaysian government has unveiled a new economic stimulus package worth RM$40 billion (US$9.7 billion) on Monday, aimed at supporting businesses, helping its citizens, and increasing the capacity of public hospitals.

Of that, RM$2.1 billion (US$0.51 billion) will be distributed to lower-income workers who earn less than RM5,000 (US$1,212) each month. 

“This is mainly to ensure the well-being and survival of the vulnerable, as well as to ensure that workers who depend on daily wages can continue to be assisted. They are expected to be among the most affected following the enforcement of the lockdown,” said Malaysian Prime Minister Muhyiddin Yassin in a televised address on Monday.

The bottom 40% group and people who have lost their jobs, micro-entrepreneurs and SMEs would also be able to apply for a loan moratorium. 

A one-off cash aid worth RM$500 (US$121) will also be disbursed to 17,000 tour guides, 40,000 taxi drivers, 11,000 school bus drivers, 4,000 express bus drivers and 62,000 e-hailing drivers.

Meanwhile, RM$450 million (US$109 million) will be set aside to increase the capacity of beds in intensive care units and on the purchase of equipment for COVID-19 treatment. 

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Some RM$550 million (US$133.28 million) will be allocated to cover costs related to increased operation and management expenses linked to dealing with the pandemic. 

The prime minister also added that ministers and deputy ministers will not be drawing salaries from June to August.