Malaysia lining up RM15bn economic package

19 Jan 2021

Malaysia is planning a new economic assistance package worth RM15 billion amid the coronavirus pandemic, the country’s Prime Minister Muhyiddin Yassin confirmed at the start of the week. 

Muhyiddin’s announcement was televised on Monday, during which he announced the Malaysian Economic and Rakyat Protection Assistance Package, or PERMAI. He said, “A total of 22 initiatives will be implemented under PERMAI, and they are based on three main objectives - firstly to combat the COVID-19 pandemic, secondly to protect the people's welfare and thirdly to support business continuity.” 

The package will support Malaysia’s current initiatives and mitigate the effects of the coronavirus pandemic, which has left a major impact on the country’s economy. Malaysia has undergone a third wave of COVID-19 infections, with cases gone over 155,000.

Muhyiddin stated that the country is struggling against the outbreak and the number of cases is proving challenging for the healthcare system. 

As part of the package to battle the pandemic, Malaysia will be implementing the COVID-19 vaccination programme as well as increase the number of works in the healthcare system. Moreover, in order to carry out more tests for healthcare front-liners, they will be collaborating with private hospitals. 

“The moratorium, including the extension of the moratorium and the reduction of loan instalments, will be offered by banks, as previously announced,” the PM stated.