PM to launch short-term economic recovery plan - Tengku Zafrul

The short-term economic recovery plan for the June to December period will be launched by Prime Minister Muhyiddin Yassin this month, said Finance Minister Tengku Zafrul Abdul Aziz.

Tengku Zafrul (above) said the plan would still focus on three key objectives, which are to empower people, propel businesses, and stimulate the economy.

In drafting this plan, he said the government's approach was based on four characteristics, namely it must be agile and dynamic, prioritise public-private sector cooperation, ensure comprehensive communication by upholding transparency and openness, and use a data-based approach.

“Truly, the short-term economic recovery plan represents an opportunity for us to take advantage of new opportunities arising from the Covid-19 crisis for the sake of the nation's future development.

“God willing, the initiatives that will be announced by the prime minister would enable us to achieve the objectives that have been set,” he said when presenting the Prihatin-Laksana's seventh accomplishment report today.

Explaining the first characteristic - agile and dynamic - Tengku Zafrul said this meant that the plan could be improved and refined continually, according to needs and uncertain or unprecedented situations, throughout the year.

On prioritising public-private sector cooperation, he said the plan would cover various measures with the cooperation of industry players from the private sector, and not only from GLCs and government-linked investment companies.

Thirdly, comprehensive communication and wide reach - wherein the people and business sector should be confident of this plan so that all would be able to play their roles to regenerate the economy.

“The government will ensure communication efforts are done continuously, whereby transparency and openness are important in making these efforts a success,” he said.

On the fourth feature - data-based approach - Tengku Zafrul said the implementation of the plan would be based on data and statistics so that each achievement could be monitored and refined with speed and accuracy.

“The latest data will be shared with the government and private sectors, as well as implementing agencies for continuous improvements,” he said.

According to Tengku Zafrul, the plan is the fourth of the six-phase approach or 6R in weathering the health and economic challenges due to the pandemic.

The 6R approach includes - resolve in containing Covid-19 by implementing the movement control order (MCO); resilience through the Prihatin Rakyat Economic Stimulus Package to improve the ability of the people and economy; restart the economy in an orderly manner; recovery via economic strategies; revitalise the overall economy; and reform the economic structure to move into the new normal era.

- Bernama