Dr M to announce economic stimulus package on Feb 27

Discussions have been held with various stakeholders on the stimulus package.

PETALING JAYA: Prime Minister Dr Mahathir Mohamad will announce an economic stimulus package at 4.30pm on Feb 27 aimed at mitigating the adverse external economic impact of the Covid-19 outbreak on Malaysia while preserving the welfare of Malaysians.

In a statement today, Finance Minister Lim Guan Eng said assistance would be given to the affected sectors to allow the economy to emerge as whole as possible and benefit from the expected economic rebound post-Covid-19.

“The economic stimulus package is neither a new budget nor part of Budget 2020 measures,” Lim said.

“Whilst the market is facing serious challenges, we should not despair but instead persevere to allow our industry to survive so that the country is ready to benefit from the economic rebound once the COVID-19 threat is over.

“Cashflow is the principal concern and the affected companies must ensure that they remain viable, operational and capable of reaping the benefits when the economic rebound takes place.”

Lim said the government would adopt measures to assist affected companies but emphasis should also be placed on exploring alternative revenues such as shifting towards encouraging domestic tourism and sourcing from other markets.

This also involves keeping the domestic labour market resilient while ensuring Malaysia’s soft and physical infrastructure remains in place amid the short-term weakened demand, he said.

Lim said the finance ministry is preparing the economic stimulus programme and it is working together with the ministry of economic affairs, ministry of transport, the ministry of tourism, arts and culture, ministry of entrepreneur development and cooperatives, and various agencies.

In the statement, Lim also acknowledged that the ministry of health had done a tremendous job in containing the Covid-19 outbreak in Malaysia without engendering public panic despite frequent episodes of fake news.

“Our health professionals deserve all the support they require to overcome this challenge,” he added.

To date, 19 people in Malaysia have been diagnosed with the Covid-19. They comprise 13 Chinese nationals and six Malaysians. - FMT