41 minutes
PUTRAJAYA: Amidst growing concerns over the slowing down of the global and local economy, the Cabinet has today decided to form an Economic Action Council (EAC) to be headed by Tan Sri Muhyiddin Yassin.
The Prime Minister said the council would convene for a meeting every Monday, beginning next week, with any proposals made will also be tabled at the weekly Cabinet meeting for further deliberation and decision.
“This is an immediate action we are taking to show that our country does not delay or hold up (on such an important issue),” he told a press conference after chairing the Cabinet meeting, here, today.
“We have asked all the stakeholders to also provide any views or suggestions, particularly for those most affected, which is the B40 group,” he added.
Muhyiddin said among those who would be included in the EAC are International Trade and Industries Minister Datuk Seri Mohamed Azmin Ali, Minister in the Prime Minister’s Department (Economic Affairs) Datuk Seri Mustapa Mohamed and Finance Minister Datuk Seri Zafrul Tengku Abdul Aziz.
The premier added that the setting up of the council was particularly important in light of the global Covid-19 outbreak and the drop of the global fuel price, which he said have impacted the country’s economy tremendously.
He said that in addition, the recently announced economic stimulus package to cushion the impact of the Covid-19, which was announced by former premier Tun Dr Mahathir Mohamad on Feb 27, would also be reviewed for expansion and re-tabled in the near future.
“I will leave this up to the Finance Ministry to decide. We need to focus especially on target groups whom we think need to be assisted.
“This (revision) will also help increase investors’ confidence in us. Hopefully, we can launch the revised package in a week or two,” he said, adding that the Finance Ministry would also study the need to recalibrate the 2020 Budget.
On the lack of a manifesto, due to the circumstances of Perikatan Nasional’s (PN) ascension to power, Muhyiddin said he has instructed all ministries and government agencies to come up with proposals for “doable” policies and programmes that would be implemented in the current term.
“This will involve low-hanging fruits, ones that we think can bring instant results and can benefit select groups. When this ‘new deal formulation’ is done, we will announce it to the rakyat, hopefully as soon as possible,” he said.
Asked if the new government would consider reintroducing the Goods and Services Tax (GST) to increase government revenue, after Pakatan Harapan replaced it with the Sales and Services Tax (SST), Muhyiddin said this would be considered.
“We will look into everything. It is only fair we look into this issue closely, whether or not we will review it. All those involved will make the proper recommendations, for the sake of our economy.
“We will find something that strikes a good balance and are not burdensome to the government and people,” he added.
