{"id":3596,"date":"2020-04-25T23:12:49","date_gmt":"2020-04-25T15:12:49","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=3596"},"modified":"2020-04-26T06:13:31","modified_gmt":"2020-04-25T22:13:31","slug":"all-hands-on-deck-to-revive-the-economy-pm-muhyiddin","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=3596","title":{"rendered":"All hands on deck to revive the economy – PM Muhyiddin"},"content":{"rendered":"
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KUALA LUMPUR, 25 April\u00a0 – The government will leave no stone unturned in reviving the country\u2019s economy that has been battered by the COVID-19 pandemic, including being aggressive in attracting foreign direct investments into the country, said Prime Minister Tan Sri Muhyiddin Yassin.<\/p>\n

\u201cAfter this, the whole world would want investments; the global capital is limited. If Malaysia is not going to be aggressive in attracting investments in a relatively new way \u2013 in terms of approach and incentives — we will be left out.<\/p>\n

\u201cThe government will take a technological approach, so this requires us to adopt a new approach in all aspects,\u201d he said in an interview with RTM and Astro Awani here today, which was also broadcasted on Bernama TV (Astro 502) and other television stations.<\/p>\n<\/div>\n

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The prime minister also reminded his Cabinet ministers to stay ahead of the curve.<\/p>\n

\u201cFor example, the COVID-19 spread in Malaysia is under control; it\u2019s declining. But many neighbouring countries are still grappling with the problem because the number (of cases) is much larger, like many other countries.<\/p>\n

\u201cActually, to recover, we should be faster. But we should be mindful that when we are in the midst of recovering, other people behind us can forge ahead of us if we do not have the right strategy, or make the right move, or the move is ineffective, or our policies miss the target.<\/p>\n<\/div>\n

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\u201cWe need to plan it properly. It requires wisdom, and even courage; we cannot just do something and hope for the best, so we need to have a team of experts to manage it and we need to look into it in detail before we make the move,\u201d he said.<\/p>\n

Meanwhile, Muhyiddin said the private sector should look into ways to reduce business costs, which can be done by taking a digital approach.<\/p>\n

In respect of the government\u2019s decision to implement the Movement Control Order (MCO), he said the government is aware of its economic impact, but had no other way to control the spread of the COVID-19.<\/p>\n<\/div>\n

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\u201cIt\u2019s clear that for every day that our business is suspended, we lose RM2.4 billion. If we look at how many days the MCO has been implemented, the economic impact is horrendous.<\/p>\n

\u201cI am aware of this, but since it is important to control the pandemic so that it doesn\u2019t spread to the whole nation, infecting tens of thousands, or result in deaths in the thousands like in some countries, we do not have a choice,\u201d he said.<\/p>\n

Muhyiddin said the government\u2019s RM260 billion PRIHATIN Economic Stimulus Package 2020 (PRIHATIN) is to ensure that the nation\u2019s economy does not worsen.<\/p>\n

\u201cIt is an economic stimulus package, as a relief, it\u2019s not for a very long term, just for between three months and six months only,\u201d he said.<\/p>\n

The government\u2019s direct funding amounts to RM35 billion, which will increase the budget deficit to 4.7 per cent this year from an earlier projection of 3.2 per cent.<\/p>\n

\u201cWhile we are trying to protect the people from the pandemic, we also need to ensure our economic sustainability, as Malaysia is formed on a strong economic foundation that has been growing for a long time.<\/p>\n

\u201cThe government collects taxes from economic activities. If businesses are ruined, or at a loss, the government would not have the fund to provide for the people\u2019s needs,\u201d he said.<\/p>\n

As such, the prime minister said that it was important to support the initiatives taken by industries and businesses, and to ensure their sustainability.<\/p>\n

\u201cThat is my priority, to ensure that no one would lose their job. That is why our initiatives under the PRIHATIN package aims to help companies and factories, such as the wage subsidy, which would help to alleviate the financial burden on employers,\u201d he said.<\/p>\n

The initiatives also include the moratorium on loan payments, he said.<\/p>\n

On digitalisation and online business, he said although e-commerce is already present in Malaysia, COVID-19 has accelerated its growth.<\/p>\n

\u201cOnline businesses, e-commerce has been around in our system but it was not as big as it is now, where online orders have become a trend, and this is a very encouraging trend.<\/p>\n

\u201cWe need to ensure that our economy continues to thrive. The government is already taking steps to reopen the economy gradually and is ready to ensure that it recovers to become just as strong or stronger that it was before,\u201d he added.<\/p>\n

– BERNAMA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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