Malaysia's record $83b stimulus targets households, businesses
The monetary payouts are expected to benefit some 5.1 million households, which make up two-thirds of the country's eight million households.
The measures come amid concerns that the MCO - extended by another two weeks to April 14 - would cost jobs and shutter smaller businesses.
Only businesses which offer essential services, such as food supplies, healthcare and banking, are allowed to stay open while the order is in place.
SMEs, which account for over a third of the country's gross domestic product (GDP), are among the more vulnerable businesses.
"Households and SMEs will probably be able to stay afloat for the next three to six months so long as there are no supply disruptions that can inflate prices of essentials and further depreciate the currency," said Mr Wan Suhaimie Wan Mohd Saidie, a Kenanga Investment Bank economist.
Promising not to leave any Malaysian behind, Tan Sri Muhyiddin's pledges include rent exemptions for the poor, discounts on electricity for all, free Internet and monetary support for business owners.
As a buffer for the economic backlash on companies, the government is allocating a RM50 billion guarantee fund for business loans.
Prof Yeah said the move can help "reduce corporate financial distress across all sectors of the economy".
A sum of RM1 billion will be set aside to ensure sufficient food supply throughout the country.
The government's fiscal injection of RM25 billion will be undertaken according to its "current fiscal abilities" and the availability of sufficient liquidity in the domestic markets.
"The government will always ensure that the current fiscal account is in surplus and will not use borrowings to fund operational expenses," Mr Muhyiddin added.
Another RM1 billion on equipment and healthcare services will be spent, on top of the RM500 million announced earlier this week.
Mr Muhyiddin yesterday called on all Malaysians to support his administration during the pandemic.
"This government may not be the government that you voted for. But I want all of you to know that this government cares for you," he said.
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