2 MIN READA summary of PM Muhyiddin’s short-term economy recovery plan

Prime Minister Muhyiddin Yassin has unveiled an RM35 billion stimulus package to help the economy recover from the impact of Covid-19 and the subsequent Movement Control Order since March 18, which saw the majority of businesses shut down for nearly three months under restrictions on public activities.

  • The government will help every trader via several measures.
  • RM1 billion tourism financing scheme to assist the tourism sector.
  • 300,000 disabled people (OKU), single mothers registered with Welfare Dept eligible to receive a one-off payment of RM300 each before Aidiladha.
  • Short Term Economic Recovery Plan (PENJANA) is a fast-paced step to rebuild and revitalise the economy in the short term.
  • Allocations will be used for training sessions, subsidies and sales assistance spearheaded by MDEC together with selected e-commerce platforms.
  • The government introduces financial incentives for companies to offer jobs to youths and the unemployed.
  • The government allocating RM75 million to help the GIG economy.
  • In an effort to encourage the field of freelancing, MDeC will allocate RM25 mln for the Global Online Workforce (GLOW) programme.
  • The government will issue Prihatin Sukuk to help rebuild the nation’s economy.
  • Gov’t has allocated RM9 billion to benefit three million workers in dealing with unemployment.
  • Wages Subsidy Programme to help employers extended three more months.
  • Grants in the form of matching grants worth RM50 million will be allocated to gig economy platform for workers who contribute under SOCSO Employment Disaster Scheme & EPF i-Saraan.
  • The government will form the National Recruitment Task Force to be jointly chaired by the Finance and Human Resources Ministers.
  • 12.7 million or 83.5 per cent of workers back at work in June, as compared to 10.2 million or 67.2 per cent on May 17.
  • Of RM35 billion allocated under the National Economic Revitalisation Plan, RM10 billion is a fiscal injection from the government.
  • The more comprehensive Government Economic Recovery Plan will focus on six key points to reinvigorate national economic development.
  • The govt’s Economic Stimulus Package saved 2.4 million jobs.
  • The National Economic Revitalisation Plan features 40 initiatives worth RM35 billion to boost sustainable economic recovery.
  • Govt measures and people’s discipline led to 80 per cent success in Covid-19 cases fully recovering.

Please bear in mind, Prime Minister Muhyiddin did not announce whether the Conditional Movement Control Order would end on June 9 as scheduled.

What are your thoughts with this new development by our Prime Minister?

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