Coronavirus: Malaysia announces USD 8.2 billion stimulus package

Malaysia's government has announced a 35 billion ringgit (USD 8.2 billion) stimulus to bolster short-term economic recovery as the country emerges from more than two months of virus lockdown. The package, which is in addition to a USD 60 billion stimulus announced earlier, centers on increasing employment, wooing foreign investment and revitalizing key sectors of the economy.

Prime Minister Muhyiddin Yassin said Friday it included 10 billion ringgits (USD 2.3 billion) in wage subsidies, training programs and supporting small and medium-sized enterprises. Tax breaks and rebates have been given to bolster the manufacturing, real estate auto, palm oil, airline and tourism sectors.

He said this includes a zero tax rate for up to 15 years for foreigners investing more than 500 million ringgits (USD 117 million) in manufacturing and fixed property sector. Malaysia, which has nearly 8,300 infections and 116 deaths, eased virus restrictions last month.