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LET'S GET MOVING
Calling it a stimulus package that cares for the rakyat, the Prime Minister unveils a mammoth RM250bil economic did initiative that targets the B40 and M40 groups. Although the pagekage seeks to provide much-needed funds for all, same industries, such as
No one left behind, says PM
PUTRAJAYA: The RM250bil economic “rakyat-caring” stimulus package – that aims to see no one left behind – is put in place to protect the people, support businesses and strengthen the economy, said Tan Sri Muhyiddin Yassin.
The Prime Minister said the package, known as Prihatin will provide immediate assistance to ease the burden of the people.
“Whether you are a fisherman in Kukup, or a smallholder in Jeli, a chalet operator in Cherating, trishaw pedaller in Melaka, a pasar malam trader in Kuala Lumpur or tamu trader in Kundasang.
“All of you will enjoy the benefits of the economic stimulus package that reflects the government’s care for the people.
“As I have mentioned before, no one is left behind,” he said in a televised address to announce the stimulus package.
The package came just days after the government announced several initiatives to tackle the Covid-19 pandemic.
It also comes after the move to extend the movement control order (MCO) period to April 14.
Among others, the latest economic stimulus package will see police, armed forces, immigration, customs, civil defence and Rela personnel being given a monthly allowance of RM200 starting April 1.
For students in institutes of higher learning, a one-off payment of RM200 will be paid to them in May.
For small and medium enterprises, an additional fund of RM4.5bil for five initiatives will be given.
Company owners facing cashflow problems can opt to defer, restructure or reschedule employers contribution to the Employees Provident Fund.
Using the example of Cik Kiah a goreng pisang seller as an analogy, the Prime Minister said her entire family would benefit to the tune of RM7,864.
He said for example, Cik Kiah’s husband is a retired civil servant and is a Grab driver while her child is a PTPTN loan borrower and the household income is RM4,000 a month.
“Cik Kiah’s family will get the national caring aid of RM1,600, remaining payment of BSH which is RM600, aid for pensioners which is RM500 and e-hailing assistance of RM500.
“If Cik Kiah’s husband serves with Rela, he will get RM200 a month until the Covid-19 pandemic is over,” he said.
Muhyiddin pointed out the cash aid to be received by Cik Kiah’s family is at least RM3,400.
The Prime Minister said those renting PPR houses – like Cik Kiah – will get a saving of RM744 as rentals will be exempted for six months.
“She will also be making savings of RM1,800 as car installments have been deferred for six months and savings of RM120 from electricity bills while Cik Kiah’s child has RM1,200 extra due to six months deferment of the PTPTN loan,” he pointed out.
Muhyiddin explained that if Cik Kiah had taken a micro credit loan for her goreng pisang business, she would be saving RM600.
“Makcik Kiah can now smile after listening to the calculations I made,” he said.
The Prime Minister has also given his assurance that projects allocated in Budget 2020 including the East Coast Rail Link, MRT2 and the National Fiberisation and Connectivity Plan will go on as planned, in line with the government’s focus to ensure sustainable economic development.
“The Prihatin economic package is a manifestation of the government’s commitment towards the welfare and well-being of the rakyat.
“The government will make a direct fiscal injection of RM25bil to lessen the burden of the people and businesses that are going through economic challenges,” he said.
The Prime Minister said the government will ensure that its fiscal current account will have a surplus and will not resort to borrowing to finance operating expenditures.
“Almost all of the measures are one-off so that it will not burden the government’s finances in the medium term
“This is important to ensure the country’s fiscal standing and national debts are sustainable,” he said.
Muhyiddin said aside from the two-month pay cut by him, ministers and deputy ministers, ministries have been directed to review their budgets to see where savings can be made so that the money can be used to put in place medium-term measures to tackle the Covid-19 pandemic.
By
MAZWIN NIK ANIS
Funding the fight against Covid-19
THE headline figure of RM250bil for the stimulus package was eye-catching but it shows the gravity of the situation faced not only by Malaysia, but also the rest of the world.
The amount of money was staggering, like throughout the world, and needed to ride through the unprecedented circumstances that Prime Minister Tan Sri Muhyiddin Yassin calls “a war with invisible forces”.
What is visible though is the damage the Covid-19 pandemic is causing. Our streets are empty, people are afraid of sickness and their futures, and that is bringing about huge economic hurt to the country.
The immediate solution was this package, a large sum that aims to soothe the problems faced by individuals, households and companies.
The key thrust of the plan would see RM126bil go towards protecting the people, RM101bil towards supporting business and RM3bil towards boosting the economy. The common thread in the plan is improving cashflow and job preservation.
The B40 and M40 got much of the same in terms of support packages. There were differences such as rental waiver for the B40 who live in federal and state public housing.
The M40 were allowed to make withdrawals from their Private Retirement Scheme to help with their cash needs.
Most of the other measures were common between both groups such as the loan moratorium and also Employees Provident Fund (EPF) withdrawals.
Those measures targeted the most vulnerable segments of society and there is the structure of the plan.
But it also showed that the Federal Government was not stingy, but realistic, in its spending.
The government will have to borrow money through the issuance of debt papers and that will see the fiscal deficit rise beyond 3.2% of GDP this year to between 4%-6.5% of GDP.
The overall cost will see ministries also cut their budgets to generate savings to help fund the fight against Covid-19.
The size of the deficit will depend on what the price of crude oil is. The government realises that it will not average US$62 a barrel forecast in Budget 2020, but it is also hoping for a higher average price for 2020 than what it is today.
The higher price of crude oil will help with the funding cost of helping the economy. The way the government approached this was to share the responsibility between itself and its agencies.
The government will have a direct fiscal injection of RM25bil and the other agencies such as Bank Negara, Danajamin and government-linked companies (GLCs) will share the responsibility of reflating the economy.
For small and medium enterprises (SMEs) and businesses, there were huge sums of money being made available from Bank Negara to RM13.1bil, an increase of RM4bil.
SMEs were given a deferment of income tax for three months, wage subsidies for their workers and flexible employer contributions to EPF – all with the intention of making sure companies continue to employ people.
The government will also use Danajamin to guarantee loans to larger corporations to the tune of RM50bil.
GLCs such as Tenaga Nasional Bhd and Telekom Malaysia Bhd will also do their part in making electricity and Internet broadband charges cheaper.
This may be the route the airlines will take to get help to keep their plans flying once conditions recover.The plan also shows the limitations of a country like Malaysia in dealing with this trident of crises.
The crash in oil prices, evaporation of demand and supply within the economy and the strain on health services is daunting for Malaysia, which does not have the luxury of printing money like the US or some of the large developed countries or blocs in the world.
It is important to keep companies from folding and to speed up efforts to flatten the number of cases. The next priority is to get the supply chain moving again as the longer this goes on, companies will start to look at slashing costs and exporters will start to lose clients to countries that have recovered and operating at a higher capacity.
As the curve flattens and testing increases dramatically, then factories and businesses can start moving again and that will help with the recovery process.
Malaysians have to weather this phase before looking at stabilising the economy and the recovery phase thereafter. This package is the start towards that - By JAGDEV SINGH SIDHU: Analysis
GEORGE TOWN: Penang has unveiled a RM75mil Covid-19 economic stimulus package which will benefit 410,000 recipients.
Chief Minister Chow Kon Yeow announced the package on Wednesday (March 25) and said that it was aimed at the poor and most vulnerable.
He added that this includes hawkers, small businesses, taxi drivers, trishaw riders, e-hailing drivers, the physically challenged and the B40.
"It is an economic aid for the working class to regain their foothold and continue to be self-sufficient and take care of their families and develop the state through their productivity.
"It is a business continuity package to see that the economic development of the state continues after Mar 31," said Chow in a live Facebook message on Wednesday.
The package also gives a one-off payment of RM500 to Covid-19 patients in the state and RM1,000 to the beneficiaries of those who died from the virus.
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