Govt to do all it can to weather storm caused by pandemic

PUTRAJAYA: Projects and measures proposed in Budget 2020 and the recently announced RM20bil economic stimulus package will go on as planned despite deepening uncertainties caused by the Covid-19 pandemic, says the Prime Minister.

At the same time, Tan Sri Muhyiddin Yassin said new initiatives would be put in place to ensure further effectiveness of the stimulus package that was unveiled on Feb 27.

The Prime Minister urged businesses to “bear with us” during these trying times. “We want to tell businesses and investors that we understand your problems.

“Just bear with us. Work with us closely and we will see what we can do to help you, ” he said yesterday after chairing the Economic Action Council meeting for the first time as Prime Minister.

Muhyiddin said the government was committed to seeing projects such as the East Coast Rail Link, the second Mass Rapid Transit line and the National Fiberisation and Connectivity Plan being carried out as planned.

He added that it was equally important to ensure the effective execution of the stimulus package, which now includes payments to workers affected by the pandemic.

“Employees forced to take unpaid leave will receive financial assistance of RM600 each month for up to six months.

“Eligible employees are those earning less than RM4,000 a month and are contributors to the Employment Insurance System (EIS) scheme, ” said Muhyiddin.

Workers who have been given notice to take unpaid leave beginning March 1 will be eligible for the financial assistance.

The Prime Minister said that this initiative will cost the government RM120mil and 33,000 workers are expected to receive this aid.

An additional measure is a 2% discount on electricity charges for domestic consumers and businesses in the commercial, industrial and agriculture sectors. This will take effect from April 1 to Sept 30.

The move will involve an allocation of RM500mil and will benefit 10 million customers.

The economic stimulus package already provides businesses in the tourism sector with a 15% discount on their electricity bills, also for six months beginning April 1.

The Prime Minister said small projects worth RM2bil announced under the package would kick off next month, with emphasis on rural infrastructure development projects.

Muhyiddin said in line with the government’s focus on ensuring sustainable domestic economic growth and boosting investor confidence, the Economic Action Council’s functions and structure had been strengthened.

The council’s role includes identifying current economic issues, identifying problems that impede growth and coming up with measures to stimulate the economy.

“The council will also draft

medium- and short-term plans to stimulate growth, enhance foreign and domestic investments, and ensure socioeconomic development for the wellbeing of the people, ” he said.

Muhyiddin said although the Covid-19 pandemic was transient, the government was committed to addressing its effects.

Hence, the council has been directed to swiftly address the concerns relating to the pandemic.