Economic stimulus package a possibility after coronavirus impact, says Guan Eng

KUALA LUMPUR: The Finance Ministry might be planning an economic stimulus package to handle the impact of the novel coronavirus (2019-nCoV), says Lim Guan Eng.

The Finance Minister, however, said it was too early to assess the impact of the outbreak, especially for the tourism and aviation sectors.

"We have discussed in Cabinet and the Finance Ministry is evaluating and planning an economic stimulus package if needed.

"But it is too early for that at the moment," he said in a press conference on Thursday (Jan 30) after announcing the extension of a mutual agreement of the World Bank Group's Global Hub in Kuala Lumpur for an additional five-year period.

Also present was World Bank vice-president for East Asia and the Pacific Victoria Kwakwa.

Lim said his ministry had already been planing an economic stimulus package in light of the trade war between China and the United States.

However, the stimulus package may be brought forward should the situation of the 2019-nCoV outbreak escalate.

"Some sectors could be badly impacted so there are areas which my ministry's officials are looking at.

"However, the focus now should be on saving lives and ways to curb the virus.

"So far, the Health Ministry has done a good job," he added.

Lim also said that there were no plans to revise the country's gross domestic product (GDP) yet, adding that it was too early to do so.

It was reported that 170 people have died in China with confirmed cases standing at 7,711 due to the outbreak.