If no follow-up steps are taken as a result of MCO, the country's economy will be ruined - Muhyiddin

In order to protect the health and lives of the people from being exposed to the COVID-19 outbreak, the government must also be careful in addressing the impact of the virus on the country's economy.

Prime Minister Tan Sri Muhyiddin Yassin said he was aware of the impact of the Movement Control Order (MCO) which would enter the fourth phase was immense, including a loss of RM2.4 billion a day as a result of the closure of businesses.

In addition, the Prime Minister said he was informed by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz that if there had been no follow-ups, the country's economic development built over the last six decades would be ruined.

"That's why we are taking a bold step, one that we have never done before.

"Although our Finance Minister is new, at a time when he joins the cabinet, I requested that the work be completed within two weeks, that is devising a plan of how much money we should provide, and what kind of stimulus package we should make available," he added.

For that reason, he said, the Prihatin Rakyat Economic Stimulus Package (PRIHATIN) was launched in two phases, the first phase involving RM250 billion, and the second phase of another RM10 billion, aimed at addressing the COVID-19 impact on the country.

“What are our goals? The goal is not to hurt our economy so badly. It is said that the stimulus package, is for relief, comes in a form of not a very long period of time, perhaps between three and six months only.

“That has led to a total fiscal boost of almost RM35 billion, and non-fiscal forms such as taxes and others of nearly tens of billions that we have to provide, to help anyone involved in the industry, in the form of business, to enable them to sustain for a slightly longer time,” he added.

Meanwhile, the Prime Minister said he acknowledged the implementation of the economic stimulus package did not mean that it could restore the country's economy as it had been, but that the government would continue to look into whether further fiscal injection, or other efforts was needed in the future.

"That is why we cannot avoid it, (then) we must determine in our care to protect, protect the well-being of the people from the COVID-19 outbreak, we also want to ensure that our economy will survive for a reasonable period of time," he added.