Mustapa: RM250b stimulus package among largest in world

(Bernama) – Malaysia’s Prihatin Rakyat Economic Stimulus Package (PRIHATIN) is among the largest in the world, according to Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed.

“When compared to the nation’s gross domestic product, it is about 17 per cent, whereas the United Kingdom’s is 16 per cent, United States’ is 11 per cent and Singapore’s is 11 per cent,” he said.

The considerable amount, he said, also showed the government’s seriousness in mitigating the adverse situation caused by COVID-19.

Speaking as a guest in a programme, ‘Bicara Naratif’, hosted by RTM today, he touched on the two stimulus packages launched by the government, the first being RM20 billion, on Feb 27 and the second, of RM230 billion, on March 27.

Added together, the packages total RM250 billion, he pointed out.

“I will summarise that there are three sources – first is the government; second, the Employees Provident Fund (EPF); and third, the banks,” he said.

He said RM25 billion comes from the government, RM50 billion from EPF, and RM175 billion from the banks.

An unprecedented crisis like the COVID-19 pandemic, Mustapa said warranted concerted action, and therefore it was incumbent upon the sources to work together.

“We are all in this together,” he said, acknowledging the role played by other organisations such as the Social Security Organisation (Socso).