Government’s recent economic stimulus package is a new lifeline for Malaysia Tourism

Published on : Thursday, June 3, 2021

Recently, the Malaysian government has disclosed about its RM40 billion (US$9.7 billion) economic stimulus package. This is expected to boost up the effects of a countrywide total lockdown of two-weeks which started yesterday from June 1st.

The value of the Pemerkasa Plus programme in general includes government’s direct fiscal injection of worth RM5 billion.

While declaring the details yesterday through a televised address, Muhyiddin Yassin, the prime minister, explained that the economic aid comprised 12 efforts on the basis of three prime objectives, i.e., developing the capacity of public health, supporting business continuity and taking the welfare agenda of the people ahead.

Help for the tourism includes RM1 billion for a bus and taxi hire purchase rehabilitation scheme. For up to 12 months, this help will permit eligible bus and taxi operators to get a loan moratorium, with the choice to extend the loan period for up to 36 months.

Tour vehicle drivers, taxi drivers and e-hailing drivers will get a one-off aid of RM500 each. From July to September, hoteliers, theme parks and shopping centres will get discounts on electricity bill of 10 per cent.

Also, the prime minister has mentioned that SMEs that are not permitted to function during the movement control order (MCO) 3.0 had been given the choice of automatic approval of bank moratoriums for three months or a 50 per cent reduction in loan repayments for six months.

The government has distributed RM1.5 billion for a month’s of value of the Wage Subsidy programme under the Social Security Organisation for all economic sectors which are affected, with a limit of 500 employees per application.

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