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Malaysia spends over 80 bln USD to revive economy

The Malaysian Government has taken an expansionary fiscal policy approach since the COVID-19 crisis hit the country.
Malaysia spends over 80 bln USD to revive economy ảnh 1Illustrative image (Photo: Internet)

Kuala Lumpur (VNA) – The Malaysian Government has taken anexpansionary fiscal policy approach since the COVID-19 crisis hit the country.

Over 330 billion RM (82.5 billion USD), or 62percent of the total 550 billion RM allocated by the government under eighteconomic stimulus and aid packages that have been utilised, benefiting 20 millionMalaysians and 2.4 million businesses as of September 24.

Speaking at a parliament’s meeting on October5, Malaysian Finance Minister Tengku Zafrul said based on theBudget 2021, the deficit is projected to be at 6.5-7 percent of thegross domestic product (GDP).

To accommodate the additional fiscal injectionsspecifically to address the COVID-19 crisis, the Government had financedeconomic stimulus packages through the COVID-19 Fund.


As of mid-September 2021, the total amount spentunder the fund has reached 60 billion RM, or more than 90 percent of the fund’scurrent ceiling cap of 65 billion RM.

Given the need for additional expenditure, theGovernment will be tabling the proposal to increase the ceiling cap for theCOVID-19 Fund from 65 billion RM to 110 billion RM to finance the additionalaid and support measures for this year and beyond./. 

VNA
#COVID-19#expansionary fiscal policy approach#Vietnamplus#Vietnam News Agency#Malaysian Finance Minister Tengku Zafrul
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