PUTRAJAYA: The new Perikatan Nasional government will form an Economic Action Council (EAC) to address the economic woes currently faced by the country, says Tan Sri Muhyiddin Yassin.
The Prime Minister said Malaysia was currently suffering from a drop in global oil prices, as well as the Covid-19 outbreak, which has severely affected the country's economy.
"The EAC will sit every week, and its first meeting will be on a Monday.
"Any decision made at the council will then be brought to the Cabinet meeting on Wednesday for approval.
"We want to show that we will not waste time in addressing these problems," said Muhyiddin at a press conference after chairing his first Cabinet meeting at Perdana Putra here on Wednesday (March 11).
The Prime Minister said the council would be chaired by him and comprise Finance Minister Tengku Zafrul Aziz, International Trade And Industry Minister Datuk Seri Mohamed Azmin Ali, Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed, Bank Negara Governor Datuk Nor Shamsiah Mohd Yunus and other experts.
On the Economic Stimulus Package which was launched by the previous government to address the Covid-19 effects, Muhyiddin said it would be relooked and launched again in the next two weeks.
"We want to see where else we can improve upon, because we want to ensure all our target markets are given the right attention.
"We also want to bring back investors' confidence," said Muhyiddin.
On whether the national budget needs to be recalibrated, Muhyiddin said this would be decided by the EAC.
Muhyiddin also said the government would look into whether the controversial Goods and Services Tax (GST) would be brought back.
"We will see if there is a need for it. We will look into everything... be it GST, SST. It must be in line with the government's broad policy.
"We must find something that is a good balance," he said.