Malaysia to spend RM20 billion on Economic Stimulus Package to help affected sectors following COVID-19

PUTRAJAYA Feb.27: The RM20 Billion Economic Stimulus Package announced today is anchored on three strategies namely mitigating impact of COVID-19, spurring rakyat (people) centric economic growth and promoting quality investments.

Interim Prime Minister, Tun Dr. Mahathir Mohamad said,the most immediate economic impact of COVID-19 is the sharp decline in tourist arrivals besides hotels, airlines, travel companies and the tourism dependent retail industry have been badly affected.

Among the package assistance, Dr. Mahathir said, the government will give a one-off payment of RM600 each to taxi drivers, tourist bus drivers, tourist guides and registered trishaw drivers.

“As an appreciation to those in the front in protecting Malaysia from the Corona Virus (COVID-19) government staff directly involved in the containment efforts will receive a monthly critical allowance of RM400 for medical doctors and other medical personnel.

“The Immigration personnel and related front line staff will receive RM200 per month commencing February 2020 until the end of the pandemic,” he said in his speech at Dewan Putra, Bangunan Perdana Putra here today.

To date, the Ministry of Health has committed RM150 million to purchase the relevant equipment, medicine and consumables in the effort to contain COVID-19 disease is well managed.

“The workers retrenched can rely on the Employment. Insurance System (EIS) with a current fund of RM1.1 billion. EIS will increase the claimable training cost from RM4, 000 to RM6, 000 for the affected sectors. A daily training allowance of RM30 per day will be provided to trainees under EIS,” Dr. Mahathir added.

The government will set the minimum Employees Provident Fund (EPF) where a reduction of 4% from 11% to 7% with effect from 1 April 2020 to December 31 2020 to boost local consumption growth .while protecting local Malaysian jobs.

The package also includes a payment of RM200 to all Bantuan Sara Hidup (BSH) recipients scheduled for May 2020 will be brought forward to March 2020.

Besides that an additional RM100 will be paid into the bank accounts of all BSH recipients in May 2020. Subsequently an additional RM50 will be channelled to the form of e-tunai.-Malaysia World News

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