Malaysia unveils extra $3.3b stimulus package

Few shoppers were seen at a mall in Kuala Lumpur on Monday. The government's additional stimulus package includes RM7 billion (S$2.3 billion) in cash aid, assistance for small businesses and a wage subsidy scheme to help industries and Malaysians bad
Few shoppers were seen at a mall in Kuala Lumpur on Monday. The government's additional stimulus package includes RM7 billion (S$2.3 billion) in cash aid, assistance for small businesses and a wage subsidy scheme to help industries and Malaysians badly hit by the pandemic. PHOTO: REUTERS

KUALA LUMPUR • Malaysian Prime Minister Muhyiddin Yassin yesterday announced an additional economic stimulus package worth RM10 billion (S$3.3 billion) in a bid to help industries and citizens badly hit by the coronavirus pandemic.

The programme includes RM7 billion in cash aid, assistance for small businesses and a wage subsidy scheme, Tan Sri Muhyiddin said in a televised address.

The announcement came as he faces a challenge from opposition leader Anwar Ibrahim, who yesterday said he had secured a strong majority in Parliament to form a new government.

In his speech, Mr Muhyiddin said that 98 per cent of applications for moratorium extension and targeted bank assistance have been approved.

The moratorium on loan payments was given to help Malaysians with home mortgages and hire purchases cope with job losses or salary cuts caused by the pandemic.

The six-month moratorium was set to expire at the end of this month.

"In July, I announced a moratorium extension and targeted bank assistance.

As of Sept 11, banking institutions have had discussions with over 1.4 million borrowers, and over 380,000 borrowers have confirmed that they really need this assistance," Mr Muhyiddin said.

The government will continue to ensure that banking institutions help Malaysians and businesses during this difficult period, he said in the Kita Prihatin (We Care) special address to the nation.

REUTERS

 
 
A version of this article appeared in the print edition of The Straits Times on September 24, 2020, with the headline 'Malaysia unveils extra $3.3b stimulus package'. Print Edition | Subscribe