With 2161 positive cases and 26 fatalities, coronavirus pandemic in Malaysia is considerably acute. To fight it, the government unveils the People’s Economic Stimulus Package.
Accordingly, the move is to prevent the country from experiencing an economic fallout during the outbreak. The stimulus, in addition, is worth a total of RM250 billion, almost one-fifth of the GDP.
The stimulus package is the biggest financial that the country ever issues and also Asia’s biggest government’s fund to fight coronavirus. However, it might possibly cause the country’s fiscal deficit to widen to roughly 4.9% of 2020 GDP from 3.4% of 2019 GDP.
That said, the new Prime Minister Tan Sri Muhyiddin Yassin said that the government’s priority right now is to curb the spread of COVID-19. For that reason, the economic stimulus package would benefit all citizens of the country.
“We are a nation at war with invisible forces. The situation we are now facing is unprecedented in history,” the Prime Minister said.
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How the People’s Economic Stimulus Package Benefits Malaysia amid Coronavirus
As what PM Tan Sri Muhyiddin Yassin said, the RM250 billion economic stimulus package will help every Malaysian out there with no exception. It, in addition, will financially aid several sectors that suffer from the outbreak.
Among them, approximately RM128 billion will help protect the welfare of the people. Meanwhile, the other RM100 billion will help businesses of all sizes, including the small and medium-sized enterprises (SMEs).
The last RM22 billion is to support the country’s economy during the unpredictable times. Additionally, it is inclusive of RM20 billion stimulus package announced in February.
“This package will provide instant assistance to ease the burden that all of you have to bear,” said PM Muhyiddin. “You will all enjoy the benefits of the economic stimulus package that this people care about. As I mentioned, no group will be left out. No one will be left behind.”
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