KUALA LUMPUR: The authorities is absolutely aware of the need to be agile and to reply swiftly to the Covid-19 menace within the nation, stated Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz (pix).
“Many have asked me, does the government expect to see economic recovery this year? The answer to that is contingent on how well and quickly we can overcome the threat of Covid-19 in the country.
“All Malaysians must play their part and be united in responding to this fight. As mentioned by our Prime Minister, we are a nation at war with invisible forces,” he stated in a commentary on the 2020 Gross Domestic Product (GDP) Growth Forecast right this moment.
He stated the nation’s economic system is anticipated to get better to some extent in direction of the later half of the 12 months, and rebound in 2021.
“Yet, draw back dangers stay because the Covid-19 scenario is unprecedented and we need to anticipate the sudden,“ stated Tengku Zafrul.
Nevertheless, he famous that the nation has the capability and monetary house to meet future uncertainties.
He stated Bank Negara Malaysia (BNM) will make sure that the monetary system stays secure with deep liquidity and robust buffers.
“As it stands, the monetary system right this moment has RM121 billion in extra capital buffer, as in contrast to solely RM39 billion in the course of the international monetary disaster of 2008.
“On the capital market aspect, the Securities Commission and Bursa Malaysia will proceed to make sure that markets keep open, clear and orderly,“ he stated.
Meanwhile, Tengku Zafrul stated Prime Minister Tan Sri Muhyiddin Yassin is anticipated to announce additional help measures for Malaysian micro-businesses and small and medium-sized enterprises (SMEs) to assist them additional mitigate the consequences of the Covid-19 pandemic.
“This total week has seen shut engagements between the federal government and members of the enterprise group, significantly regarding micro-businesses and SMEs.
“We have collated and thought of all suggestions, and sure areas have been recognized for fine-tuning and enhancements,“ he added.
Tengku Zafrul stated the RM250 billion Prihatin Rakyat Economic Stimulus Package (Prihatin) introduced by the prime minister final week is anticipated to contribute an estimated 2.8% to the GDP this 12 months.
He added that Prihatin was formulated to tackle the opposed impression of Covid-19 on the nation, pushed by three goals — defending the individuals, supporting companies and strengthening the economic system. – Bernama
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