Malaysia’s prime minister on Friday unveiled an economic stimulus package worth 35 billion Malaysian ringgits ($8.2 billion) to cushion the economic impact of coronavirus.
At a news conference in the southwestern city of Putrajaya, Muhyiddin Yasin announced the three-pronged short-term economic recovery plan. Its main goals are to empower the people, to encourage business and to stimulate the economy.
“Around 10 billion ringgits from the stimulus package are direct fiscal injection,” he added.
He said there are 40 initiatives focused on small and medium enterprise (SME) workers through training programs, social support and financing schemes.
The government also allocated funds of 9 billion ringgits ($2.1 billion) for three million workers.
Moreover, 5 billion ringgits ($1.17 billion) will be disbursed to provide wage subsidies for workers over the next three months.
“This three-month program can save more than 2.2 million workers,” Muhyiddin said.
Last March, Malaysia allocated a 250-billion-ringgit ($58-billion) stimulus package which includes a moratorium on bank loans, cash assistance and loans for businesses.
As of Friday, COVID-19 infected 8,266 people across the country. Malaysia also reported 6,610 recoveries and 116 fatalities.
The Southeast Asian nation will revoke partial lockdown on June 9.
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