KUALA LUMPUR — Malaysia’s government has announced a 35 billion ringgit ($8.2 billion) stimulus to bolster short-term economic recovery as the country emerges from more than two months of virus lockdown.
The package, which is in addition to a $60 billion stimulus announced earlier, centers on increasing employment, wooing foreign investment and revitalizing key sectors of the economy.
Prime Minister Muhyiddin Yassin said Friday it included 10 billion ringgits ($2.3 billion) in wage subsidies, training programs and supporting small and medium-sized enterprises. Tax breaks and rebates have been given to bolster the manufacturing, real estate auto, palm oil, airline and tourism sectors.
He said this includes a zero tax rate for up to 15 years for foreigners investing more than 500 million ringgits ($117 million) in manufacturing and fixed property sector. Malaysia, which has nearly 8,300 infections and 116 deaths, eased virus restrictions last month.