Putrajaya should double its Covid-19 relief measures in light of the country’s gross domestic product contraction of 17.1% in the second fiscal quarter of this year (2Q20), said Opposition leader Anwar Ibrahim.
The Port Dickson MP, in his response to the tabling of Temporary Measures for Government Financing (Covid-19) 2020 bill yesterday, is pushing for an increase from RM45 bil to RM90 bil as Malaysia had “one of the highest drops for GDP but the lowest stimulus package compared to others.”
Malaysia’s relief measures, only 3% of GDP, pales in comparison to neighbouring countries, Anwar said, citing Indonesia which is expecting its GDP to contract by 5.32% but has meted out a stimulus package worth 3.5% of GDP.
Thailand, added Anwar, expected its GDP to plunge between 12% and 13% but the country’s stimulus package is 11.8% of GDP.
Further, Anwar highlighted that the contraction of the country’s GDP for 2Q20 was significantly different from earlier projections by the Ministry of Finance.
He urged the government to be more realistic with the figures and, apart from doubling the stimulus package, to prioritise different sectors in need of assistance. These approaches, Anwar said, would help in the country’s economic recovery.
