PM to announce new stimulus package at 5pm

Prime Minister Muhyiddin Yassin will be announcing a fresh stimulus package with regard to the indefinite extension of Phase 1 of the National Recovery Plan this evening.

His announcement is scheduled to be televised at 5pm.

Yesterday, Muhyiddin said Phase 1 will continue until the threshold of less than 4,000 Covid-19 cases a day is reached, intensive care unit (ICU) capacity has been eased and 10 percent of the population is vaccinated.

He said the government will announce more comprehensive assistance to all groups, including for small and medium enterprises (SMEs).

Read more: PM unveils RM150b ‘Pemulih’ package, largest since first lockdown

The country today recorded more than 5,000 cases of Covid-19 for the sixth consecutive day, with Selangor continuing to top the list as the state with the highest number of infections.

Muhyiddin had, ahead of the latest movement control order (MCO 3.0) beginning June 1, announced RM40 billion in economic aid under the Pemerkasa Plus initiative which included RM5 billion direct fiscal injection from the federal government.

At the time, he said the announcement was on top of previously announced stimulus packages totalling over RM100 billion, which were still being implemented.

The Pemerkasa Plus initiative saw RM2.1 billion additional payments under the Bantuan Prihatin Rakyat programme, as well as a choice between a three-month loan moratorium and six months of 50 percent reduced loan repayments for those in the B40 group, those who lost jobs, and SMEs that can't operate during the MCO.

With the prospect of more income losses under an indefinite lockdown, various groups had appealed for the government to provide more relief, including permission to withdraw their Employees Provident Fund (EPF) savings under the i-Sinar facility.