The Prime Minister, Tan Sri Muhyiddin Yassin announced a RM35 billion short-term economic recovery plan called Pelan Jana Semula Ekonomi Negara (PENJANA) on 5 June 2020, nearly 2 months after the announcement of the additional PRIHATIN package. The recovery plan includes 40 initiatives that cover PENJANA 3 key thrusts – Empower People, Propel Businesses and Stimulate the Economy.
The initiatives include measures to:
- Secure employments
- Reduce business burdens
- Relief SME’s cash-flow burdens
- Accelerate Digitalisation
- Stimulate Investments
The summaries below provide a good overview of the Economy Recovery Plan (PENJANA):
- PwC TaXavvy Issues 40-2020 | Short-term Economic Recovery Plan (PENJANA) – Tax measures
- EY Take 5 for Business, Volume 8 Issues 8 | COVID-19: Short-term Economic Recovery Plan
- Deloitte | PENJANA – Short-Term Economic Recovery Plan (ERP)
- KPMG Tax Whiz | National Economic Recovery Plan
Full speech of the short-term economic recovery plan (PENJANA) is available here.
Booklet of Pelan Jana Semula Ekonomi Negara (PENJANA) is available here.
To-date, the Government has announced the stimulus packages below:
|ESP 1||27 February 2020||RM 20 billion|
|ESP 2||27 March 2020||RM 250 billion|
|PRIHATIN SME+||6 April 2020||RM 10 billion|
|PENJANA||5 June 2020||RM 35 billion|
RM 315 billion
UPDATE 22 September 2020:
The Ministry of Finance (MOF) has established a unit “Economic Stimulus Implementation & Coordination Unit Between National Agencies (Laksana)” to monitor the implementation of PRIHATIN and PENJANA packages. The LAKSANA report is released periodically and are available here.