Malaysia spends over US$80 billion to revive economy
Illustrative image (Photo: Reuters)
NDO/VNA – The Malaysian Government has taken an expansionary fiscal policy approach since the COVID-19 crisis hit the country.
Over RM330 billion (US$82.5 billion), or 62% of the total RM550 billion allocated by the government under eight economic stimulus and aid packages that have been utilised, benefiting 20 million Malaysians and 2.4 million businesses as of September 24.
Speaking at a parliament’s meeting on October 5, Malaysian Finance Minister Tengku Zafrul said based on the Budget 2021, the deficit is projected to be at 6.5-7% of the gross domestic product (GDP).
To accommodate the additional fiscal injections specifically to address the COVID-19 crisis, the Government had financed economic stimulus packages through the COVID-19 Fund.
As of mid-September 2021, the total amount spent under the fund has reached RM60 billion, or more than 90% of the fund’s current ceiling cap of RM65 billion.
Given the need for additional expenditure, the Government will be tabling the proposal to increase the ceiling cap for the COVID-19 Fund from RM65 billion to RM110 billion to finance the additional aid and support measures for this year and beyond.
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