MALAYSIA OKs ADDITIONAL $8.2-B COVID-19 STIMULUS PACKAGE

Malaysia’s government has announced an additional 35 billion ringgit ($8.2 billion) stimulus to bolster short-term economic recovery as the country emerges from more than two months of virus lockdown, the Associated Press (AP) reported on June 6, 2020.

The package, which is in addition to a $60 billion stimulus announced earlier, is meant to increase employment, woo foreign investment and revitalize key sectors of the economy.

Prime Minister Muhyiddin Yassin said Friday it included 10 billion ringgits ($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 ($117 million) in the manufacturing and fixed property sector. Malaysia, which has nearly 8,300 infections and 116 deaths, eased virus restrictions last month. #COVID19