Malaysia gives economy RM15b shot in arm to fight pandemic

Singapore

MALAYSIA has unveiled a fresh RM15 billion (S$4.94 billion) stimulus package - worth about 1.1 per cent of its gross domestic product (GDP) - to prevent a deterioration in the economy as it battles the coronavirus scourge.

"It is not a surprise the government had to unveil more support packages for households and businesses given the new Movement Control Order (MCO) measures," said Song Seng Wun, economist at CIMB Private Banking. "Bottom line for the Malaysian government is to prevent a relapse in economic health."

Dubbed Permai, or the Malaysian Economic and Rakyat Protection Assistance Package, the latest package is the first stimulus package for the year.

It is aimed at bolstering measures in place to help Malaysians cope with the economic impact of the pandemic, said Malaysian Prime Minister Muhyiddin Yassin in a te…

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