KUALA LUMPUR: Helping industries tackle cash flow issues and introducing new initiatives to spur domestic spending are among the aspects which will feature in the government’s upcoming economic stimulus package to tackle the novel coronavirus outbreak.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said the government, via the Economic Action Council (EAC), which met in Putrajaya today, was formulating the required measures.
He said the outbreak has had an impact on the tourism, retail and airline industries.
“To resolve this, the government has taken steps to devise an economic stimulus package to weather the economic impact of the outbreak.
"Among the aspects given focus is helping industries tackle operational cash flow and roll out new initiatives to encourage domestic spending,” he said in a statement.
He said domestic tourism could also help generate income as it could see greater demand.
“The Finance Ministry is holding discussions with the ministries, agencies and industries involved to seek their input for the stimulus package,” he said.
He said the EAC also discussed possible developments in the domestic capital market to help maintain inclusive growth.
The EAC, said Azmin, had also agreed that existing forums should be fine-tuned more productively, including those with interest such as capital market authorities, industry players and the central bank.
Meanwhile, Azmin said in line with the Shared Prosperity Vision 2030 and in accordance with the principles of development, the EAC also discussed holistic ideas on developing and improving the socio-economic status of the Orang Asli.
He said the issues discussed included ownership and development of ‘tanah adat’ (ancestral land), access to healthcare, education and skills training, basic infrastructure as well as economy.
“The EAC also agreed that a more specific plan be implemented soon to tackle the issues, including getting cooperation from the respective state governments,” he said.