- Vincent Tai
A summary of PM Muhyiddin’s short-term economy recovery plan
Prime Minister Muhyiddin Yassin has unveiled an RM35 billion stimulus package to help the economy recover from the impact of Covid-19 and the subsequent Movement Control Order since March 18, which saw the majority of businesses shut down for nearly three months under restrictions on public activities.
The government will help every trader via several measures.
RM1 billion tourism financing scheme to assist the tourism sector.
300,000 disabled people (OKU), single mothers registered with Welfare Dept eligible to receive a one-off payment of RM300 each before Aidiladha.
Short Term Economic Recovery Plan (PENJANA) is a fast-paced step to rebuild and revitalise the economy in the short term.
Allocations will be used for training sessions, subsidies and sales assistance spearheaded by MDEC together with selected e-commerce platforms.
The government introduces financial incentives for companies to offer jobs to youths and the unemployed.
The government allocating RM75 million to help the GIG economy.
In an effort to encourage the field of freelancing, MDeC will allocate RM25 mln for the Global Online Workforce (GLOW) programme.
The government will issue Prihatin Sukuk to help rebuild the nation’s economy.
Gov’t has allocated RM9 billion to benefit three million workers in dealing with unemployment.
Wages Subsidy Programme to help employers extended three more months.
Grants in the form of matching grants worth RM50 million will be allocated to gig economy platform for workers who contribute under SOCSO Employment Disaster Scheme & EPF i-Saraan.
The government will form the National Recruitment Task Force to be jointly chaired by the Finance and Human Resources Ministers.
12.7 million or 83.5 per cent of workers back at work in June, as compared to 10.2 million or 67.2 per cent on May 17.
Of RM35 billion allocated under the National Economic Revitalisation Plan, RM10 billion is a fiscal injection from the government.
The more comprehensive Government Economic Recovery Plan will focus on six key points to reinvigorate national economic development.
The govt’s Economic Stimulus Package saved 2.4 million jobs.
The National Economic Revitalisation Plan features 40 initiatives worth RM35 billion to boost sustainable economic recovery.
Govt measures and people’s discipline led to 80 per cent success in Covid-19 cases fully recovering.
Please bear in mind, Prime Minister Muhyiddin did not announce whether the Conditional Movement Control Order would end on June 9 as scheduled.
What are your thoughts with this new development by our Prime Minister?