Economic recovery plan may be announced by month-end, says Tengku Zafrul

(FMT) – Finance Minister Tengku Zafrul Aziz says the government’s national economic recovery plan could be announced by the end of May.

The relevant ministries are already formulating the package with the Economic Planning Unit, he said

In an interview with Buletin TV3, he said this recovery plan will be tailored to fulfil the government’s aim to leave no one behind and cover all citizens affected by the Covid-19 pandemic.

This recovery plan is unlike the Prihatin economic stimulus package announced previously, and aims to revive the national economy in the short, mid and long term.

Tengku Zafrul stressed that different industries needed their own economic plan as each one felt the impact of the pandemic differently.

“The tourism industry, for example, was the first to be impacted. But we know that it will be the last to recover.

“So we need different plans for each industry,” he said.

He also defended Putrajaya’s decision to reopen most economic sectors from Monday under the conditional movement control order (MCO).

He insisted that the move was not rushed and had been studied thoroughly by the government.

He said companies and businesses may take their time to reopen, emphasising that they did not need to rush to resume operations by Monday.

“We start on May 4, but if companies are not ready, then don’t open. We are not forcing people to open.”

Tengku Zafrul stressed the issue of safeguarding jobs was a global issue, highlighting that the United States and Europe’s unemployment rate had reached double digits.

He said Socso’s forecast of 500,000 jobs being affected by the pandemic locally would have been higher if not for the Prihatin stimulus package announced by Putrajaya.

“With the Prihatin package, Malaysia has the wage subsidy programme (for companies).

“What’s important is that we keep as many people employed.”