Malaysia announces new economic stimulus package worth 9.7 billion USD
Malaysian Prime Minister Muhyiddin Yassin on May 31 unveiled a new economic stimulus package worth 40 billion RM (9.7 billion USD) in an attempt to mitigate the impacts of the new total lockdown.
Disinfecting a cemetery in Semenyih, Selangor, where the bodies of COVID-19 patients are buried (Photo: Xinhua/VNA)Speaking at a televised national address, Muhyiddin said the package, named Strategic Programme to Empower the People and Economy Plus, will aim to increase the capacity of public hospitals to treat COVID-19 patients, to support continuity of businesses and to help the people.
According to him, the total lockdown from June 1-14 will have a huge impact on the nation's economy and the lives of the public.
He said that 450 million RM (9.66 billion USD) will be used to increase the capacity of beds in intensive care units and equipment for COVID-19 treatment, while 550 million RM will be allocated to cover the expenses related to increasing operation and management costs in dealing with the health crisis.
On extending help to Malaysians directly, he said 2.1 billion RM will be distributed to lower-income households earning less than 5,000 RM per month.
In addition, he said that an optional loan moratorium will be offered to the bottom 40 percent group and people who have lost their jobs, as well as micro-entrepreneurs and small and medium enterprises (SMEs) which are not able to operate during the movement control order (MCO).
He also announced a 500 RM one-off special cash aid for 17,000 tour guides, 40,000 taxi drivers, 11,000 school bus drivers, 4,000 express bus drivers as well as 62,000 e-hailing drivers.
Since the COVID-19 outbreak, the government has carried out a lot of support and economic stimulus packages with a total capital of 340 billion RM, benefiting around 20 million households and over 2 million businesses./.
You should also see
InfographicADB maintains 2024 economic growth forecast for Vietnam
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
See more
ASEAN
Food security, climate change top ASEAN agenda during Malaysia’s chairmanship
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
World
ASEAN foreign ministers call for end to Myanmar violence
ASEAN foreign ministers on April 19 issued a statement calling on all parties to immediately cease violence and exercise maximum restraint in the border areas of Myanmar.
World
Indonesia’s Mount Ruang continues to emit ash
After a series of eruptions earlier this week that forced thousands to evacuate, Mount Ruang in North Sulawesi, Indonesia, continued to emit ash on April 19 afternoon.
World
Thailand gives financial support to Laos for road maintenance
The Thai cabinet has approved 1.8 billion THB (about 48.8 million USD) in financial assistance for the Lao Government to maintain and improve Highway R12, shortening the travel time from Thailand’s Nakhon Phanom province, through Laos, to the Vietnamese border in central Quang Binh province.
World
Indonesia develops sustainable tourism
Indonesia has been working to realise its goal of building a quality, sustainable and environmentally friendly tourism industry.
