The Malaysian government has released the Prihatin Rakyat Economic Stimulus Package, aimed to ease the burden of Rakyat, support businesses and strengthen the economy as we weather the COVID-19 storm. Below are the latest updates of the Prihatin Economic Stimulus Package Implementation from the Ministry of Finance (MoF).
Objective 1: Protect the Rakyat
A special RM 200 allowance will be given to military, police, civil defence, firefighters, and some members involved in the Movement Control Order (MCO). For each of the healthcare worker, they will receive an allowance of RM 600. In addition, a one-off RM 200 cash assistance will be distributed to each tertiary student.
Also, RM 25 million will be provided to the elderly and children in shelters, disabled in aid centres for food and healthcare items. A total number of 8,000 tour guides have also received the one-off RM 600 cash assistance.
As of May 17 2020, BPN disbursement rate has reached 93% in the second phase. For EPF I-Lestari Programme, 3.9 million of the application were approved with a total value of RM 1.83 billion. Besides that, 67% of domestic households were benefited from the TNB Electricity bill discount, at a total amount of RM 288 million.
Objective 2: Support Businesses
The latest finance report shows that 267,752 companies have applied for the wage subsidy programme, which costs RM 2.24 billion. The table above also shows that 14,075 of the SMEs are getting government support.
For micro-enterprises, RM 700 million of the total microcredit loan is provided by BSN and Tekun. As of May 17, 35 per cent of the full credit has been approved for disbursement, amounting to RM 246 million.
Objective 3: Strengthen the Economy
Lastly, for small scale government projects, a list of initiated projects has reached a total value of RM 3.2 billion.
The government will be focusing more on domestic investment activities, for example, the implementation of projects listed under 2020 Budget such as ECRL, MRT2, National Fibrerisation and Connectivity Plan etc. In addition, the sustainability of fiscal and debt position will also be ensured.
Compiled by Yu Ting Tan, Consultant at 27 Advisory, obtained her bachelor’s degree in the field of Chemical Engineering (Honours) at Monash University. She is interested in nanotechnology as well as the consulting field and wishes to gain more experience in these areas to help people afford a better quality of life.
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