Covid-19: Special Cabinet committee formed to safeguard economy

Emmanuel Santa Maria Chin
A general view of the near-deserted Petaling Street in Kuala Lumpur on March 19, 2020. — Picture by Shafwan Zaidon

KUALA LUMPUR, April 2 — The formation of a special Cabinet committee, aimed at developing strategic measures to safeguard the economy while maintaining effective Covid-19 outbreak mitigation measures, was announced today by the Ministry of International Trade and Industry (Miti).

Co-chaired by Senior Ministers Datuk Seri Mohamed Azmin Ali and Datuk Seri Ismail Sabri Yaakob, the special committee will be tasked with ensuring effective mitigation efforts concerning the issue of displacements in the labour market, while also focusing on measures to sustain economic engines such as the small and medium enterprises (SMEs).

Miti in a statement today explained how the remaining members of committee would be made up of personnel directly involved in the nation’s economy and security, with its first two meetings set to convene this Friday and Sunday.

“The inception of the committee also reflects the government’s quick response to address issues highlighted by the rakyat and the Malaysian business community.

“In addition, Miti will engage with industry players from various sectors to gather insights from people on the ground.

“This effort is key to ensure the committee addresses specific issues facing the business community particularly, SMEs, manufacturers and investors,” read a statement issued today.

The statement said the committee would then report its findings and submit recommendations to Prime Minister Tan Sri Muhyiddin Yassin during the Economic Action Council meeting slated to take place on Monday, April 6.

Last week, Muhyiddin announced a RM250 billion stimulus package benefiting a wide spectrum of society, to bolster the economic impact of the Covid-19 outbreak.

Despite the stimulus package, repeated calls were made towards the government by business industry players, asking for incentives to also be given to SMEs, allowing them to counter the losses incurred during the movement control order.

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