Government introduces PENJANA to revive country's economy - PM

Prime Minister Tan Sri Muhyiddin Yassin on Friday unveiled the National Economic Regeneration Plan (PENJANA) to revive the Malaysian economy following the COVID-19 pandemic.

With the theme of 'Together Generating the Economy' through PENJANA, he said the government had identified three main cores of empowering the people, boost business and stimulate the economy.

He stressed that PENJANA is also the fourth recovery strategy the government has taken in the face of the COVID-19 challenge.

"In total, there are 40 initiatives worth RM35 billion under PENJANA. Of these, RM10 billion is a direct fiscal injection of the government," he said in his special address on the Short-term National Economic Recovery Plan here on Friday.

In addition, the Prime Minister took the opportunity to explain the current state of the country's economy.

He said, Malaysia faced a daunting challenge as the unemployment rate rose to 3.9 per cent or about 610,000 in March 2020.

"According to an estimate by the Department of Statistics Malaysia, the unemployment rate increased by 5.5 per cent or more than 860,000 this year.

"However, I and the Cabinet will ensure that we can address this problem, contain COVID-19 and ensure that the country's economy returns competitively," he said.