KUALA LUMPUR (BERNAMA) – Prime Minister Tan Sri Muhyiddin Yassin announced the MYR15 billion Malaysian Economic and Rakyat’s Protection Assistance Package (PERMAI), comprising 22 initiatives to combat COVID-19.
The PERMAI Assistance Package is anchored on three goals, namely battling COVID-19, preserving the welfare of the people and supporting the continuity of business.
“The PERMAI Assistance Package improves existing initiatives that are still ongoing and also accelerates the implementation of related initiatives,” the Prime Minister said delivering a special address on the PERMAI Assistance Package telecast live on television stations yesterday.
Muhyiddin said since the outbreak of COVID-19 early last year, the government implemented four economic stimulus packages worth MYR305 billion, or more than 20 per cent of gross domestic product (GDP), to help the people and businesses, as well as protect the economy.
He said these economic stimulus packages involved MYR55 billion in fiscal injections by the government.
Meanwhile, Muhyiddin said the government does not expect an impact similar to the second quarter of 2020 as the implementation of the current Movement Control Order (MCO 2.0) sees more economic activities being allowed to operate.
“As such, the impact of the current MCO to the economy is expected to be manageable.
“Growth will continue to be supported by strong exports sector and the global trade recovery,” he said.
The Prime Minister added that the economic stimulus packages, Budget 2021 and the PERMAI assistance package will continue to boost consumption.
He said high-impact projects and initiatives with significant economic multipliers will continue to drive the economic recovery momentum.