Table 3.

Economic stimulus package towards business sector.

•Additional fund of RM4.5 billion to assist Small Medium Enterprises (SMEs), including micro-entrepreneurs.

•RM2 billion Special Relief Facility, to assist the cashflow of affected SMEs.

•Employers are allowed to defer, restructure and reschedule employer contributions to the Employee Provident Fund (EPF) for up to 6 months.

•Moratorium on loans repayment from TEKUN Nasional, Majlis Amanah Rakyat (MARA), as well as other cooperatives and government agencies providing financing facilities

•Social donations in collaboration with Islamic banking institutions and the State Islamic Religious Council will be channelled in the form of initial capital for micro-entrepreneurs using zakat funds and matched with microfinancing at affordable rates.

•RM50 billion guarantee scheme up to 80% of the loan amount for financing working capital requirements.

•Stamp duty exemption of 100% will be given on loan agreements arising from such restructuring and rescheduling of business loans.

•Bank Simpanan Nasional offers a RM200 million micro-credit scheme for companies in the tourism sector and other affected sectors at an interest rate of 4% where repayment of instalments begins after 6 months of disbursement of the loan.

•Malaysia Airport Holdings Berhad (MAHB) provides rebates on rental for premises at the airport as well as landing and parking charges.

•The government allocates RM500 million for; travel discount vouchers, tourism encouragement in Malaysia through matching grants, tourism promotion to stimulate the tourism sector.

•Relaxation of existing guidelines by the government on limiting the use of hotels to government events.

•In the event of job losses, the Employment Insurance System (EIS) fund will assist retrenched workers, with the fund amounting to RM1.1 billion.

•Provision of Human Resource Development Fund (HRDF) with a matching grant of RM100 million on a one to one basis. The fund will prioritise training for sectors affected by COVID-19.

•RM50 million to provide a subsidy towards financing short courses, particularly in digital skills. This will benefit 100,000 people.

•RM20 million to fund short courses conducted by the 13 state skills development centres (SSDC). The funding will focus on Technical and Vocational Education and Training (TVET) skills training. This will benefit more than 1600 trainees working with manufacturing companies.

•RM40 million grant towards helping small and medium enterprises involved in agriculture and food productions such as enabling fishermen to sell directly to consumers and other initiatives.

•Revising the limit of procurement to expedite the procurement process and increase business activities by enhancing the current procurement process.

•The government will promote private sector investments in innovation and new growth opportunities, by co-investing up to RM500 million through Government Linked Investment Companies (GLIC) alongside private investors in early and growth stage of Malaysian companies.

•RM1 billion for Food Security Fund through various assistance to farmers and fishermen, including agricultural inputs to increase domestic production.

•RM100 million for the development of infrastructure for food storage, food distribution, and crop integration programmes.

•RM100,000 to RM200,000 for viable farmers' associations and fishermen's associations. This is to develop agrofood projects that are capable of generating income within three to six months.

•Wage Subsidy Programme: to assist employers in retaining their workers where the government provides a monthly salary of RM600 to every employee for three months.

•Electricity Bill Discounts −15% discount on electricity bill for the tourism sector as well as a 2% discount for commercial, industrial, agricultural and household sectors in Peninsular Malaysia beginning April 1, 2020.

Source (Ministry of finance, 2020; Prime Minister Office, 2020).