On Feb 27, the Pakatan Harapan government released a RM20 billion ($6.5 billion) stimulus package, unveiled by the then Prime Minister Mahathir Mohamad. Muhyiddin’s PN administration — which was sworn in on March 1 — then followed up with an additional RM620 million on March 16. On March 23, Muhyiddin also announced that about 12 million workers below 55 years old would be allowed to make withdrawals from the Employee Provident Fund to a maximum of RM500. Citizens can also expect relief from higher education loan repayments. In addition to tax breaks and deferment of tax payments, the government has also broadened the 15% electricity bill discounts to include commercial, industrial, domestic and agricultural sector users. Banks have also extended moratoriums on loans for up to six months in order to ease the burden of businesses forced to shutter their doors during the MCO.
SINGAPORE (March 27): Malaysia’s Movement Control Order (MCO), announced by Prime Minister Muhyiddin Yassin on March 18, has caused much confusion and chaos. Perhaps recognising the need to act quickly to soften the blow, the Malaysian government has now announced another stimulus package to mitigate the effects of the Covid-19 pandemic.
For now, the movement curbs will remain as Malaysia’s nationwide movement restrictions will be extended to April 14. However, more aid measures will also come on March 30, Muhyiddin said. Since last week, Malaysia has closed its borders while ordering non-essential businesses to shut until March 31. But the MCO extension comes as the country reports 172 new coronavirus cases — taking the total to 1,796, the highest among Asean countries. A total of 1,006 new cases were reported in the past one week since the movement curbs were enforced. The upcoming stimulus package — the Perikatan Nasional (PN) government’s second since coming to power — is the latest attempt at containing the economic fallout of the global pandemic.
