Malaysia today revealed a RM20 billion package of tax reliefs and subsidies to stimulate the economy hit by the coronavirus (Covid-19) outbreak.
The amount allocated is higher than Singapore's S$5.6 billion (RM17 billion) package to help firms and workers, as well as households in the republic announced on Feb 18.
In his speech today, Interim Prime Minister Tun Dr Mahathir Mohamad said Malaysia's stimulus package is anchored on three strategies namely mitigating impact of Covid-19, spurring rakyat centric economic growth and promoting quality investments.
Under the stimulus package, the government will implement a three-pronged approach – 1) to ease the cash flow of affected businesses, 2) to assist affected individuals and 3) to stimulate demand for travel and tourism.
For instance, to help ease the burden of companies affected by the virus, Bank Negara Malaysia will provide a special relief facility worth RM2 billion, particularly in the form of working capital for small and medium enterprises at an interest rate of 3.75%. Bank Simpanan Nasional will also allocate a RM200 million in microcredit facility offering an interest rate of 4% to affected businesses.
In addition, the approval process for existing loan funds will be further streamlined such as Bank Pembangunan’s tourism infrastructure fund of RM1.5 billion.
TOP PICKS BY EDGEPROP
Alpinia Residence @ Putra Nilai
Nilai, Negeri Sembilan
Pusat Perdagangan Alam Jaya
Bandar Puncak Alam, Selangor
LaCosta, Sunway South Quay
Bandar Sunway, Selangor
KL Eco City Vogue Suites 1
Bangsar, Kuala Lumpur
Cosmoplex (Bandar Baru Salak Tinggi)
Sepang, Selangor
DO MORE WITH EDGEPROP.MY
-
Read newsRead the latest news and in-depth coverage of Malaysian property - what's hot, what's not and more
-
Search listingsFind residential or commercial properties for sale, rental and auction by licensed agents
-
Search new projectsCheck out over 200 new project launches and offers by developers in Klang Valley and other locations
-
Get property market insightsGet your personalized property report (including estimated home value) and find past transacted data
-
Get home design ideasZING.my can help you get started on your renovation project. Find hundreds of design portfolios by professionals in Malaysia
-
Partner with usAre you a real estate agent or home professional? List your properties or portfolio with us for free and get quality leads.