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This alert follows our earlier client alert on the Restriction of Movement Order – Guidelines as at 24 March 2020. In view of the unprecedented outbreak of COVID-19 and its impact on the Malaysian economy, on 27 March 2020, the Prime Minister of Malaysia announced the details of the PRIHATIN Rakyat Economic Stimulus Package (PRIHATIN Package) with a focus on preserving the welfare of Malaysian citizens, supporting businesses and strengthening the economy. The PRIHATIN Package is an extension of the:

(a) Economic Stimulus Package (February ESP) announced by the then Prime Minister of Malaysia, Tun Dr Mahathir, on 27 February 2020; and

(b) additional measures for the Economic Stimulus Package announced by the Prime Minister of Malaysia on 16 March 2020 and 23 March 2020 (Additional Measures).

In aggregate, the PRIHATIN Package announced by the Government of Malaysia (Government) is valued at RM250 billion (compared to the Economic Stimulus Package for the global financial crisis of 2007 – 2008 valued at RM67 billion). This represents approximately 18% of Malaysia’s gross domestic product in 20192. The Ministry of Finance will implement the PRIHATIN Package through the Unit for the Implementation and Coordination of National Agencies on the Economic Stimulus Package (Laksana).

Author

Brian Chia heads the Corporate, Commercial & Securities Practice Group of Wong & Partners. He has been ranked as a Tier 1 practitioner in the area of Corporate/M&A in Chambers Asia Pacific since 2011 and in Chambers Global since 2013. He has been recognised as a leading lawyer in the Corporate and M&A practice by Asia Pacific Legal 500 and IFLR1000 since 2011, and by Asialaw Profiles since 2008. Mr. Chia has also been nominated for the "Asian Legal Business Client Choice Hot 75 Survey – Asia’s Best 75 lawyers" by leading in-house counsels across the Asian region, and most recently won the Client Choice – International 2014 for M&A in Malaysia. Mr. Chia played a pivotal role in building and leading the practice, which was recognised as the Malaysia Deal Firm of the Year by Asian Legal Business in 2012, 2013 and 2015, among other accolades.

Author

Ee Von Teo is a partner in Wong & Partners' Corporate, Commercial & Securities practice group in Kuala Lumpur. She has been recognized by IFLR1000 2018 as a Notable Practitioner and was awarded Young Lawyer of the Year by the Asian Legal Business Malaysia Law Awards 2017.