Temporary Measures Bill Amendment Will Add RM45 Billion To Covid-19 Fund

The Finance Ministry tabled the Temporary Measures Bill for Government Financing the Coronavirus Disease 2019 Amendment Act 2021 in efforts to increase funding to battle the disease and rebalance the country’s situation.

Deputy Finance Minister Mohd Shahar Abdullah said the bill aims to increase the Federal government’s statutory debt limit from 60 per cent to 65 per cent of the gross domestic product and also raise the ceiling cap for the COVID-19 Fund from RM65 billion to RM110 billion.

This comes after Finance Minister Tengku Zafrul highlightrd the need to increase debt in handling the Covid-19 impact. His proposal to amend Temporary Measures for Government Financing was approved by the cabinet recently.

Mohd Shahar added that the additional fund is required to strengthen the public health system and to curb the spread of the COVID-19 epidemic including treatment of COVID-19 patients. The RM45 billion will also go towards improving direct cash assistance and supporting business continuity, especially for small and medium enterprises (SMEs) and micro SMEs.

Apart from the Covid-19 fund, MOF is currently in the final stages for Budget 2022 where hints were dropped on possibly being the biggest yet. The main focus will be on recovery and stimulus programs to revive the economy, solidify the healthcare system and enhance the education sector.

Budget 2022 will be tabled in October, catch our other related features here.

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