Malaysian Prime Minister, Tan Sri Muhyiddin Yassin today announced a new economic stimulus package worth RM20 billion. The package, announced by Muhyiddin over national television, is the sixth stimulus package introduced since the start of the COVID-19 pandemic last March. “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 from the government,” Muhyiddin said.
The programme comprises 20 strategic initiatives to boost economic growth, support business and extend targeted assistance to the people and affected sectors. The initiatives include an allocation of RM700 million for a three-month extension of wage subsidies to sectors affected by the Movement Control Order, including tourism. The government will also be giving extra tax breaks for workers premises and accommodation to companies in the manufacturing industry, imited to RM50000 per company.
Malaysia is now at the fifth stage of a comprehensive economic recovery plan, which is “revitalise”, to jump-start the economy. Pemerkasa brought the total value of the packages to RM340 billion.
Meanwhile, Muhyiddin said the government would no longer use a nationwide Movement Control Order to control the spread of COVID-19. Instead, the government would implement a more strategic approach based on the science and data collected to control COVID-19 in a more targeted way.