Malaysia Announces Initiatives to Overcome COVID-19 with a Comprehensive Stimulus Package Expected by Month End

Amidst the on-going lockdown, Malaysian Prime Minister (PM), Tan Sri Muhyiddin Yassin has announced multiple initiatives in an attempt to relax the burden of its people during the COVID-19 crisis.

The initiatives included the withdrawal of savings from Account 2 by 12 million Employees Provident Fund members aged 55 and below, amounting to MYR 40 billion, beginning April 1. This will be followed by an additional budget allocation of MYR 500 million to the country’s Health Ministry in its fight against COVID-19, as well as MYR 100 million to appoint new medical staff to meet the current requirement.

The PM also announced the postponement of the repayment of PTPTN (the National...