Full economic stimulus package announcement | The Malaysian Insight

THE following is the text of interim prime minister Dr Mahathir Mohamad’s speech in announcing the 2020 economic stimulus package in Putrajaya today.I wish to officially put on record our appreciation to the doctors, nurses, health workers, Immigration and other front-liners protecting Malaysia from the Covid-19 outbreak. The Covid-19 outbreak has been well-contained, with most of those infected recovered fully.

First: To allow deferment of monthly income tax installment payments for businesses in the tourism sector. In addition, companies affected by Covid-19 will be allowed to revise their profit estimates for 2020 with respect to monthly income tax instalment payments without penalty; Second: Bank Simpanan Nasional will allocate a RM200 million in microcredit facility offering an interest rate of 4% to affected businesses. In addition, the approval process for existing loan funds will be further streamlined such as Bank Pembangunan’s Tourism Infrastructure Fund of RM1.5 billion.

As a sign of appreciation to those in the front line protecting Malaysia from the contagion, government staff directly involved in the containment efforts will be eligible for a special monthly critical allowance of RM400 for medical doctors and other medical personnel, as well as RM200 for immigration and related front-line staff commencing February 2020 until the end of the pandemic.

Third: Relaxation of existing guidelines limiting the use of hotels by government agencies as part of mitigating the reduced demand.The effects of Covid-19 reverberate beyond the tourism industry. Malaysian businesses, especially exporters, are affected by supply chain disruptions involving factories and ports in China.

Third: An additional RM100 will be paid into the bank accounts of all BSH recipients in May 2020. Subsequently, an additional RM50 will be channelled in the form of e-tunai. Third: Grants of RM1,000 to 10,000 local entrepreneurs to promote the sale of their products on e-commerce platforms; and, Second: Ensure ministries channel sufficient allocations to respective implementing agencies by first quarter of 2020. The Finance Ministry will oversee the compliance to procurement schedule to ensure projects are undertaken on a timely basis.To bolster business confidence, the government is committed to sustaining public investments and, in particular, expedite in 2020, the tenders and implementation of development expenditure projects.

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