Malaysia unveils US$4.9b package to jumpstart economy

[KUALA LUMPUR] Malaysia announced a US$4.9 billion package to revitalise economic activity as Covid infections slow and vaccines are rolled out.

The plan will include a RM11 billion (S$3.59 billion) fiscal injection, Prime Minister Muhyiddin Yassin said in a televised address on Wednesday. There will also be no more blanket lockdowns, he said, adding that any movement control orders will be done at localities and clusters, he said.

The decision comes a day before the one-year anniversary of the virus lockdown measures aimed at curbing the spread of the pandemic. The number of new daily infections has been falling since January's peak, sparking optimism the economy will improve in coming months. Tuesday's tally was the smallest in more than three months.

The ringgit held earlier losses, trading 0.2 per cent weaker at RM4.1213 per dollar.

Mr Muhyiddin announced in January a RM15 billion worth of additional stimulus measures to support the economy after the Southeast Asian nation declared a state of emergency to help curb the spread of coronavirus.

In November, the government unveiled a record RM322.5 billion budget for 2021 to spur economic activity and support growth.

BLOOMBERG

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes