Stimulus package meetings start tomorrow, says Guan Eng

The novel coronavirus outbreak has left 18 people infected in Malaysia. Above: Medical workers in Johor Bahru with an isolation pod used to transport patients. (Facebook pic)

BUTTERWORTH: The finance ministry is to determine the estimated duration of the 2019 novel coronavirus outbreak before determining the amount for an economic stimulus package, Finance Minister Lim Guan Eng said today.

He said the ministry would obtain input from the health ministry on the estimated duration of the outbreak and its effects.

Lim said the stimulus package could not be done in a hurry, “we need to look at the impact to ensure that those who are affected will get the help they need. To do that, we need to get input from various parties.”

he noted that many economic analysts have said the outbreak would not last a long time, “which is why we need to ensure that the package would assist those who need it to remain sustainable”.

Discussions would begin tomorrow with people in the tourism sector, followed by meetings with other sectors, Lim said after attending a Chinese New Year celebration by the Customs Department in Penang.

Economists have been reported as estimating that between RM10 billion and RM15 billion would be needed to counter a business slowdown because of the coronavirus outbreak, with a focus on the tourism, manufacturing, health and education sectors.

“We want to make (the announcement on the stimulus package) soon, but we want to present it to the Cabinet first. We also need to get Prime Minister Dr Mahathir Mohamad’s views and input on the matter,” he added. -FMT