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.
Photo by Markus Spiske on Unsplash.