PM to announce stimulus package on Feb 27 — MoF

Finance Minister Lim Guan Eng at a stimulus package consultation session. (Photo: Finance Ministry)

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KUALA LUMPUR (Feb 14): Prime Minister Tun Dr Mahathir Mohamad will reveal the economic stimulus package to address the Covid-19 outbreak on Feb 27 (Thursday) at 4.30pm, Minister of Finance Lim Guan Eng said today.

In a statement, Lim said the Ministry of Finance (MoF) noted that cashflow is a "principal concern” for parties that have been economically affected by the outbreak.

“The government will adopt measures to assist these companies, but emphasis should also be placed on exploring alternative revenues such as shifting towards encouraging domestic tourism, and sourcing from other markets.

“This also involves keeping the domestic labour market resilient while ensuring our soft and physical infrastructure remains in place amid the short-term weakened demand,” said Lim.

Assistance, he said, will be given to the affected sectors to allow the economy to emerge as whole as possible and benefit from the expected economic rebound post-Covid-19.

The economic stimulus package, Lim explained, is neither a new budget nor part of Budget 2020 measures.

The MoF is now working together with the Ministry of Economic Affairs, Ministry of Transport, Ministry of Tourism, Arts and Culture, Ministry of Entrepreneur Development and Cooperatives, as well as various agencies, to finalise the package.

"The government has engaged in consultations with principal players in the tourism, logistics and finance sectors. The ministries have also held meetings with small and medium enterprises, as well as government-linked funds and companies," he added.

Lim further called on industry players to assist clients and suppliers so that industries can benefit from the economic rebound.

“As John F. Kennedy once said, 'Ask not what your country can do for you. Ask what you can do for your country',” he added.