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Malaysia Announces $4.8 Billion Economic Stimulus Package

27 Feb 2020 4:48 pm
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MUMBAI (Commoditiescontrol) - Malaysia has announced a package of measures to counter the coronavirus outbreak, which is set to weaken economic growth this year.

Interim Prime Minister Mahathir Mohamad said Thursday the government will dedicate 20 billion ringgit ($4.8 billion) to support businesses affected by the virus, particularly in the tourism industry. The country may issue bonds for funding if necessary, he said.

The move follows fiscal steps taken in recent weeks by Indonesia, Singapore and Hong Kong to counter the economic impact of the virus. Indonesia said this week it will give incentives and tax breaks to businesses in a package worth 10.3 trillion rupiah ($737 million).


       
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