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Malaysia: Fund injection necessary if there is 4th wave, says Mustapa

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Kuala Lumpur, Malaysia – The government might have to inject additional funds to stabilize the country’s economy should a fourth wave of Covid-19 occur, said Minister within the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed.

He said Malaysia and therefore the world generally was still combating the pandemic, which the present situation might be considered dynamic.

“There are concerns a couple of the fourth wave of the Covid-19 virus and at the identical time, we hope that it’ll subside with the supply of vaccines,” he said today during a discussion on ‘Economic Prospects 2021: What Do Traders Expect, What Can Teens Hope For?’

On the extra funds, he said the government has not set any limit. Adding as its priority is the people’s lives and employment.

“The available funds are from loans and there’s no limit. However, at the identical time, it does have a sway on the country’s fiscal deficit,” he said.

In fact, Malaysia’s fiscal deficit rose to 6 per cent of the Gross National Product (GDP) this year. This is a drastic increase since the 2009 global financial crisis due to the stimulus packages introduced by the government within the wake of the pandemic.

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The arrival of the vaccines

Mustapa said Malaysia will receive Covid-19 vaccine supplies by the first quarter of 2021, to hopefully stabilize the country’s economy.

“We anticipate the vaccine to support the country’s economic recovery. Alongside the government’s efforts and methods this year to stabilize the economy including Budget 2021. PRIHATIN economic stimulus package and National Economic Recovery Plan (Penjana),” he said.

Meanwhile, SME Association of Malaysia vice-president Chin Chee Seong said he was grateful that Budget 2021 was passed by Parliament.

“However, we hope there’ll be political stability. Also, no elections just yet as political stability includes a direct impact on the economic stability of SMEs,” he said.

 

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