PRIME Minister Dr Mahathir Mohamad will announce an economic stimulus package on February 27, aimed at mitigating the economic impact of the Covid-19 outbreak on Malaysia.

The package is also aimed at preserving the welfare of the people.

Finance Minister Lim Guan Eng in a statement today said the economic stimulus package is neither a new budget nor part of Budget 2020 measures. 

“Instead, assistance will be given to the affected sectors to allow the economy to emerge as whole as possible and benefit from the expected economic rebound post-COVID-19.

“While the market is facing serious challenges, we should not despair but instead persevere to allow our industry to survive, so that the country is ready to benefit from the economic rebound once the virus threat is over,” he said.

He said that all affected companies must ensure that they remain viable, operational and capable of reaping the benefits when the rebound takes place.

“The government will adopt measures to assist these companies, but emphasis should also be placed on exploring alternative revenues such as shifting towards encouraging  domestic tourism, and sourcing from other markets.

“This also involves keeping the domestic labour market resilient while ensuring our soft and physical infrastructure remain in place amid the short-term weakened demand.”

Lim also said that Putrajaya was conducting consultations will all involved parties on the stimulus programme.

He said his ministry was working together with the Economic Affairs; Transport; and Tourism, Arts and Culture Ministries and various agencies on this. 

He added the government has also engaged with principal players in the tourism, logistics and finance sectors. 

“The ministries have also held meetings with small and medium enterprises, as well as government-linked funds and companies.”

The virus, originating from Wuhan, China, has seen more than 1,500 people killed and thousands of others affected.

There are 19 confirmed cases in Malaysia.

Tourism and other related industries have been bad affected by the outbreak. – February 14, 2020.