Malaysia’s RM100 cash handout sparks frenzy after disbursement, but may deliver boost to economy
Initial glitches also offer policymakers a lesson regarding similar schemes that may be implemented in the future, say economists
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[KUALA LUMPUR] The Malaysian government’s one-off cash handout of RM100 (S$30.50) – that is being disbursed to each citizen aged 18 and above, starting last Sunday (Aug 31) – ended up sparking a nationwide system failure and long queues.
But even amid the frenzy, economists said that the scheme could potentially inject as much as RM2 billion into the economy and deliver a boost to fourth-quarter gross domestic product.
The money – given out as part of Malaysia’s National Day celebrations and framed as a gesture of economic inclusivity – was distributed via the MyKasih welfare platform with payments made through recipients’ MyKad identity cards. Citizens have until Dec 31 to spend the money.
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