KUALA LUMPUR: Malaysia announced a stimulus package worth 250-billion ringgit ($58.28 billion) on Friday, its second in a month, to help cushion the economic blow from the coronavirus pandemic.
The number of confirmed infections in Malaysia has doubled this week to over 2,000, the highest in Southeast Asia, with 23 deaths. The government has extended curbs on travel and movement until April 14 in an attempt to contain its spread.
“We are a nation at war with invisible forces. The situation we are now facing is unprecedented in history,” Prime Minister Muhyiddin Yassin Muhyiddin said in a televised address to announce the support package.
“This unprecedented situation of course requires unprecedented measures. So, my dear brothers and sisters, and the children of this beloved country... please bear with me and my friends in the cabinet and the government.”
The new package largely includes one-off payments and discounts on utilities for people whose livelihoods have been affected by the pandemic, and to help small and medium-sized enterprises stay afloat and retain their staff.
The government will also set up a 50-billion ringgit loan scheme for larger companies, which will offer guarantees of up to 80 percent of the sum borrowed to shore up working capital in the corporate sector.
About 128 billion ringgit will be spent on public welfare measures, with 100 billion used to support businesses.
The package is in addition to a 20 billion ringgit stimulus plan announced last month.
Malaysia announces $58 billion stimulus package to cushion impact of coronavirus
https://arab.news/n9hgv
Malaysia announces $58 billion stimulus package to cushion impact of coronavirus
- Number of confirmed infections in Malaysia has doubled this week to over 2,000, the highest in Southeast Asia, with 23 deaths
Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference
RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.
The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors.
Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.
Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority.
Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference.
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said.
Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.”
MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.
“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.
The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors.
Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference.
The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.
