True to its name, the Prihatin Rakyat Economic Stimulus Package caters for all Malaysians and is intended to cushion the people from the tempestuous impact of the Covid-19 pandemic.
From the moment the Movement Control Order (MCO) came into force on March 18, it was understood by all that the economic ramifications would touch every Malaysian.
From the layman’s view, Prime Minister Tan Sri Muhyiddin Yassin has adopted a war-like measure in peace time, unprecedented as it is, not just in Malaysia, but also adopted by governments the world over. A measure to boost the sluggish economy, which would deteriorate if nothing is done for a full month when the MCO ends.
When unveiling the RM250 billion stimulus package yesterday, the prime minister fittingly described the nation was at war with “invisible forces”. It is a crisis no leader should flinch from. Acknowledging it in his self-effacing style that he leads a government Malaysians may not have voted for, the prime minister made clear that no one was left behind. It is a government that cares for all Malaysians.
This is the second stimulus package in a month to help cushion the economic blow from the pandemic. Of the RM250 billion, RM128 billion will go towards protecting the welfare and wellbeing of the people. Fishermen, farmers, small scale retailers, the young, the old, students, government servants and pensioners, those with disabilities, the B40 and M40 groups, wage earners and casual workers — all will get either special one-off cash handouts or additional payouts to last until the Covid-19 crisis is over.
Frontline medical, police and military personnel will also get incentives for the extra burden they carry on top of those earlier announced. A sum of RM100 billion is allocated to assist all businesses, including small- and medium-sized enterprises, to tide them over this difficult patch. Crucially, there is a RM5.9 billion salary subsidy programme for the government to pay RM600 per month per worker for three months to forestall mass retrenchments in the private sector.
Banks have eased business-loan repayment terms and utilities and even telecommunications companies are being roped in with rebates, freezing of service fees and other easing measures.
The aim, says an economist, is to flood the slowed economy with liquidity to safeguard it, so consumer spending can revive quickly and businesses pick up their paces with equal speed. Such an aggressive stance is needed, adds the economist, so that when the Covid-19 calamity passes, the economy can hit the ground running.
This Leader applauds that the prime minister has kept to his earlier pledge that no Malaysian will be left out. The key now will be for the government machinery to urgently disburse the promised cash with efficiency.
As the prime minister said, the government is not perfect, but is doing its best to pull through this crisis together, as one nation.
There you have it. A stimulus package that has the people’s interests at the heart of it all. This Leader urges Malaysians to band together, be reasonable and stay calm. Lend the government a hand during these trying times. Abide by the MCO, and stay home.