Malaysia considers stimulus package to deal with coronavirus

Malaysia is considering a stimulus package to deal with coronavirus. (Photo: thestar.com.my)

The Malaysian Government is evaluating the need for an economic stimulus package and is ready to launch measures to deal with the effects of the 2019 novel coronavirus if necessary, according to Finance Minister Lim Guan Eng.

At a press conference on January 30, he said that it is important to focus and support the efforts and measures taken by the Health Ministry to keep people safe and free from the virus.

Prior to the coronavirus outbreak, the government had already planned measures to address the US-China trade war by introducing an economic stimulus package, and it may bring forward the package due to the virus outbreak.

Malaysia is a favoured destination among Chinese tourists, with around 2-3 million visiting each year. As the host of the APEC 2020 meeting, Malaysia launched the “Visit Malaysia 2020” campaign to attract 30 million foreign visitors this year.

The virus could affect the country’s target as well as its fiscal policy. However, Lim was waiting to adjust its fiscal policy, and still forecast economic growth for this year.

Malaysia has confirmed eight coronavirus cases, while 89 others who had close contact with those infected have been placed under compulsory observation.

In a bid to prevent an outbreak, Malaysia has temporarily suspended visas for all residents of China’s Hubei province. Fourteen tourists from Wuhan, who arrived in the country via Kuala Lumpur International Airport on January 28, were sent back home.

President Mahathir Mohamad said Malaysia stands ready to evacuate its citizens from Wuhan if Chinese authorities agree.

Sweden’s IKEA said on January 31 that it has temporarily closed all 30 stores in China because of the outbreak.

Around 14,000 Chinese employers will be on paid leave until further notice./.

VNA