Stimulus Package Malaysia 2020

This guide was first published on 9 april 2020 and was later updated on 9 may 2020 23 june 2020 13 july 2020 and 3 august 2020 to date the malaysian government has announced four economic stimulus packages worth almost rm300 billion to cushion the negative economic impact from the covid 19 pandemic and the movement control order mco.

Stimulus package malaysia 2020. The prihatin package will provide immediate assistance to lessen the burden of all especially those who are affected during the covid 19 pandemics. February 27 2020 4 21 am est updated on february 27 2020 5 20 am est 2 52. Malaysia airport holdings berhad mahb will also provide rebates.

Stimulus package malaysia 2020. President datuk michael kang said many companies were still only. Malaysia s spending to fight covid 19 through four economic stimulus packages now totals rm295 billion about us 69 bln.

The first package worth rm20 billion 4 7 bln was issued on february 27 to counter covid 19 s immediate impact on the tourism industry. Economic stimulus package esp 2020 the interim prime minister tun dr mahathir mohamad unveiled a strategic economic package worth rm 20 billion on 27 february 2020. Insya allah the 2020 economic stimulus package will be as successful.

Due to the global economic scenario and covid 19 impact malaysia s gdp growth in 2020 is estimated to be in the range of 3 2 to 4 2. Highlights of rm20bil stimulus package. This stimulus package provides an array of tax incentives financial support for businesses and wage subsidies.

Of six 6 months from 1 april 2020 to 30 september 2020 a special discount of 15 on monthly electricity bills will be given to six categories of businesses namely hotel operators travel agencies local airlines offices shopping malls convention centres and theme parks. Minimum epf contribution by employees to be reduced by 4 from 11 to 7 with effect from apr 1 to dec 31 2020. The package is anchored on 3 strategies namely mitigating the impact of covid 19 spurring rakyat centric economic growth and promoting quality investment.

I believe the economic stimulus package will enable the malaysian economy to achieve the highest point of the range. Malaysia s 2009 stimulus package resulted in a budget deficit increase from 4 8 to 7 6. The package is anchored on 3 strategies namely mitigating the impact of covid 19 spurring rakyat centric economic growth and promoting quality investment.