Malaysia Launched Historical RM250 Billion Economic Stimulus Package Amidst COVID-19


Prime Minister Tan Sri Muhyiddin Yassin has made history last March 27 (Friday), by unveiling the country’s massive economic stimulus package worth RM250 billion!


The economic stimulus package is also known as package prihatin or caring package aims to help all Malaysians affected by the pandemic. Under this package, RM128 billion will be allocated for the welfare programs, RM100 billion to support small and medium enterprises in the country that are greatly affected by the COVID-19 outbreak, RM600 million for the Health Ministry for purchasing equipment and to hire contract medical staff, and a hefty amount of RM130 million will be allocated equally to all states of Malaysia.

Credit: Yahoo Finance

In addition to these, the Employees Provident Fund contributors aged 55 and below will be able to withdraw RM500 for up to 12 months! Other aids include, RM1,600 to households earning RM4,000 and below that will be paid RM1,000 this April and RM600 in May! An additional allowance will be given to frontliners, police, immigration and Customs Department. 


The National Caring Aid or the Bantuan Prihatin Nasional involves a staggering amount of RM10 billion that will be distributed to the B40 and M40 group, including private workers, farmers, and fishermen.


Students of higher education who are affected by the global pandemic will likewise receive an RM200 aid. Also, the government in cooperation with TNB will allocate RM530 million for electricity in which consumers can get 15% and 50% discount for six months starting April.


Beginning April 1, the government will distribute a one-off payment of RM500 to 120,000 e-hailing drivers. The PPR, public housing and Federal government premises like nurseries, school canteens, cafeteria, and convenience stores will be exempted from rent for six months!

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