EAC to introduce two economic measures weekly

PETALING JAYA: The Economic Action Council (EAC) may decide to go into a crisis mode and announce at least two economic measures weekly after its meeting every Monday in light of the economic fallout caused by the Covid-19 pandemic, says Senior Minister Datuk Seri Azmin Ali (pic).

He said Prime Minister Tan Sri Muhyiddin Yassin would decide whether the announcement of the measures had to go through Cabinet, as per standard operating procedure.

This, according to Azmin, is to further stimulate the economy as well as ease the economic hardship of the people who are affected by the Covid-19 situation, as many restrictions have been put in place to contain the virus.

“The Prime Minister is to decide on this during the first EAC meeting, as the country is in a crisis mode.

“In my ministry, which overlooks the ministries of finance, economic affairs and international trade and industry, we were told to recalibrate the economic stimulus packages to properly address the Covid-19 crisis.

“The EAC will meet for the first time (today) and from now on we hope to announce at least two economic measures weekly (every Monday) to contain the pandemic, ” Azmin told The Star.

The 2020 Economic Stimulus Package was announced on Feb 27 by former prime minister Tun Dr Mahathir Mohamad to safeguard the economy from impacts associated with the Covid-19 outbreak.

On March 13, in a special address to the nation, Prime Minister Tan Sri Muhyiddin Yassin said that the government estimates that the gross domestic product (GDP) will decline between 0.8% and 1.2%, which is between RM10.8bil and RM17.3bil.

“I realise that immediate steps must be taken by the government to reduce the effect of the outbreak to the nation’s economy, especially to the rakyat.

“As such, the government will ensure that the economic stimulus package announced will be monitored, so that the effects of the implementation can be felt by all soon, ” said Muhyiddin.

Two days earlier, Muhyiddin announced the setting up of EAC to address the economic woes, namely the 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, ” Muhyiddin had said then, after chairing his first Cabinet meeting at Perdana Putra last week.

The council will be chaired by Muhyiddin and comprise Finance Minister Tengku Zafrul Aziz, Azmin, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed, Bank Negara Governor Datuk Nor Shamsiah Mohd Yunus and other experts.