Government undertakes measures to avert economic risks through stimulus package - Tengku Zafrul

The Economic Stimulus Package 2020 (PRE 2020) undertaken by the government will ensure that the economic risks arising from COVID-19 can be effectively addressed through the strategies outlined.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the government is very concerned about the negative effects of COVID-19 that have affected individuals and small and medium enterprises (SMEs).

Through PRE 2020, the government has taken various steps, including providing several funds for impacted individuals and SMEs, he said in a statement today.

Tengku Zafrul said the Ministry of Finance is also working closely with Bank Negara Malaysia, the Securities Commission and Bursa Malaysia to ensure that the capital and financial markets continue to operate in a transparent and orderly manner.

Besides providing assistance to SMEs to enable them to maintain business operations, protect jobs and encourage domestic investment, he said local banks have also taken steps to support affected individuals and SMEs.

Various aid such as loan facilities, rescheduling and restructuring of repayment, and a six-month moratorium on businesses for SMEs and individuals have been provided.

In addition, several insurance companies and takaful operators have taken the initiative to help ease the burden of policyholders by extending the benefits of insurance to those affected by COVID-19.

In the wake of the Movement Control Order directive, Tengku Zafrul said the government also comes to the aid of taxpayers who are facing difficulties.

Hence, he said, several measures have been taken by the Inland Revenue Board of Malaysia to facilitate the taxpayers in rearranging their tax matters to ease their burden.

Tengku Zafrul said the Ministry of Finance and its agencies will continue to work with the financial and investment sectors for further measures to assist and support businesses and households to address current needs.

The RM20 billion PRE 2020 was unveiled on Feb 27 to cushion the COVID-19 impact and stimulate the economy.

-- BERNAMA