Will Muhyiddin, as in Singapore, United Kingdom and the United States, bring out the “big bazooka” in his comprehensive economic rescue plan tomorrow to help Malaysian business and households to survive the Covid-19 pandemic?
Singapore has brought out the “big bazooka” in its economic resilience package to help business and households in Singapore to survive the economic crisis created by the Covid-19 pandemic when its Finance Minister and Deputy Prime Minister, Heng Swee Keat announced an additional S$48.6 billion scheme in Parliament this evening.
It is a package of new measures and enhancements to existing schemes costing S$4 billion aimed at stabilising Singapore's economy amid the uncertainties caused by COVID-19.
Cash payouts announced in the Singapore Budget 2020 last month will be tripled, with all adult Singaporeans receiving S$300, $600 or $900 depending on their income.
The amount for parents with at least one Singaporean child aged 20 and younger this year will also go up to $300, from $100 before.
Low-income Singaporeans, originally slated to get $100 a year in grocery vouchers over 2020 and 2021, will now have this year's allowance increased to $300. This means that they get a total of $400 in grocery vouchers over this year and the next.
Heng added that the $100 PAssion Card top-up for seniors, announced during his earlier speech, will also be given in cash instead. They will get their money directly in their designated bank accounts to avoid the need to queue at top-up stations during this period.
The Workfare Special Payment for lower-income workers will also be increased to $3,000 in cash each. Originally, these workers were to receive payouts amounting to 20 per cent of their Workfare Income Supplement payout last year.
Besides the cash payouts and rebates to families, the Government will also double the $10 million grant to self-help groups over two years so that they can help more families.
The Government will also freeze all government fees and charges for one year, starting from April and ending March 31 next year.
As Heng said, this is a “landmark package, and a necessary response to a unique situation” which take the overall Covid-19 economic package to S$55 billion, or 11 per cent of Singapore’s GDP.
The Britiish Governmernt deployed the “big bazoona” two weeks ago when it unveiled its emergency economic response to the Covid-19 pandemic, combining aggressive spending and monetary policy stimulus to protect people and businesses -- and pledged to do more if the situation deteriorated.
The UK Chancellor of the Exchequer Rishi Sunak announced that the UK government would pay 80 percent of wages for employees not working, up to 2,500 pounds a month and pledged to do “whatever it takes” to save people’s jobs and livelihoods in the face of the economic catastrophe created by the Covid-19 pandemic.
In the United States, the Senate has unanimously approved a historic US$2 trillion economic rescue package to respond to the economic and health crisis caused by the Covid-19 pandemic, which is expected to be passed by the House of Representatives on Friday.
Pakatan Harapan (PH) has called on Muhyiddin to introduce a massive RM150 billion Covid-19 economic rescue package, which is 10% of Malaysia’s annual gross domestic product (GDP).
Will Muhyiddin, as in Singapore, United Kingdom and the United States, bring out the “big bazooka” in his comprehensive economic rescue plan tomorrow to help Malaysian business and households to survive the Covid-19 pandemic?