The government has been asked to reveal the current account balance which will reveal whether Malaysia is now in a deficit or surplus position after the country's income has been substantially reduced due to the COVID-19 pandemic.
Former Finance Minister Lim Guan Eng (PH-Bagan) said it is important for the government to balance the country's expenditure especially in times of crisis.
"In the first quarter of 2020, the country's income declined about 29 per cent to RM45.3 billion and the fiscal deficit is expected to rise to six per cent," he said during the debate on the motion of thanks to the Yang di-Pertuan Agong at the Dewan Rakyat today.
To soften the impact of COVID-19 outbreak, the government announced several stimulus packages, namely the RM250 billion Prihatin Rakyat Economic Stimulus Package (PRIHATIN), RM10 billion Prihatin Package for Small and Medium Enterprises (Additional Measures), and the RM35 billion National Economic Recovery Plan (PENJANA), to rebuild the local economy.
Lim also said that due to the extra expenditure and lower income, the government should also revise the 2020 budget.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz reportedly said earlier that the country would nearly double its fiscal deficit this year while keeping open the option of raising the public debt ceiling.
Amid the global uncertainties, global oil price benchmark Brent crude had also declined to below US$20 per barrel at one point due to muted demand.
The country's 2020 Budget was drafted on an assumed average oil price of US$62 per barrel.
Meanwhile, Lim also said that the government should consider extending the moratorium on bank loans by another six months to ensure that individuals and businesses could have a longer time to recalibrate their finances.
"This is because the economy is going through an unprecedented slowdown that has caused people to lose their jobs," he said.
Meanwhile, Arau Member of Parliament Datuk Seri Dr Shahidan Kassim urged the government to boost domestic investment to stimulate the local economy post-COVID-19, saying a similar measure was taken by the government during the financial crisis in 1998-1999.
"At this moment, private investment has declined, so it is important for the government to increase domestic investment," he said.
-- BERNAMA
Bernama
Wed Jul 15 2020
To soften the impact of COVID-19 outbreak, the government announced several stimulus packages, namely the RM250 billion PRIHATIN, RM10 billion Prihatin Package for SME Enterprises (Additional Measures), and the RM35 billion PENJANA.- file pic
Sarawak yakin pendapatan negeri terus meningkat - Abang Johari
Sarawak yakin kadar pendapatan negeri itu dapat terus ditingkatkan dalam tempoh dua hingga tiga tahun ini berikutan pertumbuhan ekonomi negeri yang dilihat cukup memberangsangkan.
Tumpuan Ahad – 19 Mei 2024
Ikuti rangkuman berita utama yang menjadi tumpuan di Astro AWANI.
Jenazah konstabel Ahmad Azza Fahmi selamat dikebumikan di Bidor
Jenazah konstabel Ahmad Azza Fahmi Azhar selamat dikebumikan di Tanah Perkuburan Islam Kampung Poh, Bidor, Perak kira-kira jam 7.20 malam Sabtu.
[TERKINI] Suspek bukan anggota JI - KPN
Polis mengenal pasti suspek yang menyerang Balai Polis Ulu Tiram, Johor pada Jumaat tiada kaitan dengan kumpulan pengganas.
Tidak wajar gelar Islam sebagai agama keganasan
Tidak wajar bagi segelintir pihak melabel Islam kononnya sebagai agama keganasan.
Ini kerana menurut Ketua Pegawai Eksekutif Chasseur Group, Felo Pelawat, International Centre For Counter-Terrorism (ICCT), The Hague, Munira Mustaffa, penggunaan agama dalam melancarkan agenda keganasan merupakan taktik kumpulan pengganas dalam merekrut ahli yang memiliki fahaman sama.
Ini kerana menurut Ketua Pegawai Eksekutif Chasseur Group, Felo Pelawat, International Centre For Counter-Terrorism (ICCT), The Hague, Munira Mustaffa, penggunaan agama dalam melancarkan agenda keganasan merupakan taktik kumpulan pengganas dalam merekrut ahli yang memiliki fahaman sama.
MoU,MoA UUM dengan BFA tingkat kualiti pendidikan tinggi - Dr Mohd Foad
Lawatan rasmi Anwar ke Uzbekistan membuka peluang kepada kerjasama pendidikan tinggi apabila UUM menandatangani MoU dan MoA dengan institusi pendidikan tinggi negara itu.
Provinsi Hainan, 'Hawaii China' yang tidak pernah tidur
Keunikan seni bina warisan serta khazanah sejarahnya dari Tembok Besar China, monumen Tiananmen mahupun Kota Larangan membuatkan pelancong seluruh dunia berpusu-pusu datang.
Angka korban rakyat Palestin di Gaza hampiri 35,400 orang
Sekurang-kurangnya 35,386 rakyat Palestin terbunuh dalam serangan berterusan Israel di Semenanjung Gaza sejak 7 Okt tahun lepas, kata Kementerian Kesihatan di wilayah yang terkepung itu pada Sabtu.
Dua wanita Vietnam cedera cuba lari pemeriksaan imigresen
Insiden itu berlaku di sebuah pusat hiburan iaitu daripada keseluruhan 12 premis yang diperiksa semasa operasi dijalankan JIMNS di sekitar Seremban dan Tampin.
PM Anwar saksikan pertukaran enam MoU antara Malaysia dan Uzbekistan
Perdana Menteri Datuk Seri Anwar Ibrahim menyaksikan pertukaran enam MoU antara Malaysia dan Uzbekistan di sini pada Sabtu, untuk kerjasama dalam pelbagai bidang antara kedua-dua negara.