National finance under control despite implementing post-COVID-19 recovery plan

The country's financial situation is under control even though the government has overspent to address the impact of the COVID-19 pandemic on the country's economy.

Deputy Finance Minister I Datuk Abd Rahim Bakri said the Prihatin Rakyat Economic Stimulus Package 2020 (PRIHATIN) and National Economic Recovery Plan (PENJANA) worth RM295 billion, as well as a fiscal injection of RM45 billion have helped spur the country's economy after experiencing a contraction.

"On a monthly basis, the gross domestic product (GDP) has shown a recovery from a contraction of 28.6 per cent in April to 19.5 per cent in May and 3.2 per cent in June," he said at the Dewan Negara today.

He was responding to a question from Senator Tuan Ismail Yusop on the current financial status of the country following the implementation of the economic stimulus packages and to what extent the gross domestic product (GDP) was affected in facing post COVID-19 economy.

On moratorium, Abd Rahim said the government had studied the financial impact on individuals after the moratorium ended on Sept 30 and was not moving towards targeted moratorium.

“For the affected individuals, they can meet their respective banks to reschedule and restructure their loans; and if they have problems, they can consult the Credit Counseling and Debt Management Agency," he said.

-- BERNAMA