Parliament Approves RM45 Billion Increase To Covid-19 Fund

Amendments to the Provisional Measures for Government spending for Covid-19  were approved to increase the expenditure of the Covid-19 Fund by RM45 billion.

The bill presented by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz was approved by a majority of Dewan Rakyat members after the third reading today. In his winding up speech, Tengku Zafrul said the addition to RM110 billion is to continue efforts in safeguarding the well -being of the people and ensure business continuity to revive the economy.

The additional expenditure is estimated to be RM12.7 billion for the Wage Subsidy Program, RM15.8 billion for National Caring Assistance and small -scale projects for G1 to G4 contractors (RM2 billion).

Among the use of the fund will be for Gran Prihatin (RM3.6 billion), an increase in the micro credit loan amount limit (RM1 billion) and social assistance support for the vulnerable (RM5.9 billion).

This will also include an additions of RM4 billion fund for Ministry of Health to combat Covid-19 in the future. 

Apart from increasing the limit on expenditure, the amendment will also increase the current statutory debt limit from 60 to 65 percent of Gross Domestic Product (GDP).

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