COVID-19 lockdown puts pressure on Malaysian government's finances
Malaysian Minister of International Trade and Industry Mohamed Azmin Ali said the government's finances are becoming “very constrained” as a surge in COVID-19 infections has once again forced the country into a lockdown.
People wearing face masks walk in front of the Petronas Twin Towers in Kuala Lumpur, Malaysia. (Photo: Xinhua)
Hanoi (VNA) – Malaysian Minister of International Tradeand Industry Mohamed Azmin Ali said the government's finances arebecoming “very constrained” as a surge in COVID-19 infections has once againforced the country into a lockdown.
He told CNBC that the Malaysian government hasannounced a new stimulus package worth 40 billion Malaysian ringgit (roughly 9.68billion USD) to help businesses and households cope with another round of“total lockdown” that started on June 1.
That latest stimulus came on top of six prior packages worth a total 340 billion Malaysian ringgit (around 82.31 billion USD) rolled out over the past year. The government said the additional spending could push2021′s fiscal deficit above its target of 6 percent of gross domestic product (GDP).
During the June 1-14 “total lockdown,” businessesoffering essential services will remain open while certain segments of themanufacturing sector can operate with reduced capacity.
Malaysia’s COVID-19 outbreak has substantiallyworsened despite the government imposing lockdowns of varying degrees over thepast year.
Last week, the Southeast Asian country reported fiveconsecutive days of record infections and on June 2 registered its largestdaily death toll since the start of 2020. Overall, Malaysia has confirmed morethan 595,000 COVD-19 cases and 3,096 deaths, data from the health ministry showedon June 3./.
Malaysia's exports rose 63 percent year-on-year to 105.6 billion RM (25.54 billion USD) in April, driven by expansion in re-exports to major markets, including China and the US.
Malaysian Prime Minister Muhyiddin Yassin on May 31 unveiled a new economic stimulus package worth 40 billion RM (9.7 billion USD) in an attempt to mitigate the impacts of the new total lockdown.
The manufacturing sector of Malaysia continued to recover in May but stricter measures to combat a renewed surge in COVID-19 infections had an adverse impact on production volumes, according to American-British information provider IHS Markit.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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People wearing face masks walk in front of the Petronas Twin Towers in Kuala Lumpur, Malaysia. (Photo: Xinhua) 
