The government is looking into ways to revive the economy in stages, in light of the possibility of further movement control order (MCO) extensions. This entails the drafting of an economic recovery plan to ensure the quick revival of economic activity once the MCO is over.
“I have ordered the Ministry of Finance and the Economic Planning Unit in the Prime Minister’s Department to draft thorough Economic Recovery Plans for the short, medium, and long term,” said Prime Minister Tan Sri Muhyiddin Yassin in his special address where he announced that the MCO would be extended until 12 May.
According to Tan Sri Muhyiddin, the current focus is on identifying steps and initiatives that will spur the economy in the short and medium terms, as well as boost the confidence of the people and investors to regenerate the national economy.
“Among the initiatives that are being crafted include efforts to build up the capacity and skills of the people, encourage domestic consumption, increase resilience of industries including small-medium enterprises (SMEs), and foster a more positive investment environment for the future,” said the prime minister.
Tan Sri Muhyiddin also said that although the MCO could be extended again later, companies in certain sectors would be allowed to resume operations – subject to requirements that prioritised employee safety, social distancing, and premise cleanliness.
“Even now, a few sectors of the economy are open. After this, the government will consider opening other sectors and sub-sectors under strict conditions,” the prime minister said. “This is to ensure that the companies remain competitive and employees can continue to work in a safe environment. Guidelines and detailed requirements will be given to investors and the corporate sector to restart their respective operations.”