PORT KLANG, May 7 (NNN-BERNAMA) — The 12th Malaysia Plan (12MP) is not currently seen as being negatively impacted by the effects of the COVID-19 pandemic, said Finance Minister\u00a0Tengku Zafrul Abdul Aziz.<\/p>\n\n\n\n
He said this was because the 12MP, which covers the 2021-2025 period, was a long-term economic plan and the government was also studying a targeted economic recovery plan which would be tabled at the end of this month.<\/p>\n\n\n\n
\u201cIt (12MP) is a long-term economic plan which spans five years. Therefore, the effects of COVID-19 shouldn\u2019t affect the 12MP.<\/p>\n\n\n\n
\u201cNonetheless, the 2021 Budget, which is expected to be announced in October or November, should take into account current economic factors,\u201d he told a media conference after a working visit to the Royal Malaysian Customs Department\u2019s Northport office here today. <\/p>\n\n\n\n
Asked on which aspects would be given focus when preparing the 2021 Budget, Tengku Zafrul said the government would stress more on efforts to revive the country\u2019s economy.<\/p>\n\n\n\n
He said in the wake of the COVID-19 pandemic, the government had drafted a six-phase plan to improve the economy, and during the tabling of the Budget, the economy would be in the Revitalise phase.<\/p>\n\n\n\n
\u201cThe 2021 Budget tabling is viewed as coming under the fifth phase, which is the period for revitalising the economy,\u201d Tengku Zafrul.<\/p>\n\n\n\n
The first phase, Resolve, took place when the government started implementing the Movement Control Order (MCO).<\/p>\n\n\n\n
This was followed by the Resilience phase (when the government announced the Prihatin package to assist the people and the economic sector) and then Restart, which means restarting the economy.<\/p>\n\n\n\n
\u201cIt will take at least a month to see the effects (of the Restart phase),\u201d he said.<\/p>\n\n\n\n
The fourth phase in the 6R plan is Recovery.<\/p>\n\n\n\n
\u201cHence the government\u2019s plan at the end of this month is to announce a six-month economic recovery plan, which is on how we can restore the country\u2019s economy,\u201d he said.<\/p>\n\n\n\n
After the fifth phase (Revitalise) that comes next, the plan will end with the Reform phase. <\/p>\n\n\n\n
On the economic growth forecast for the year, Tengku Zafrul reiterated that the Gross Domestic Product (GDP) performance was expected to be lower than Bank Negara Malaysia\u2019s forecast of -2 to 0.5 per cent growth announced on April 3.<\/p>\n\n\n\n
He explained that the central bank\u2019s projection was based on the early implementation of the MCO, before the government made further extension of more than two weeks.<\/p>\n\n\n\n
\u201cFor this year, everything will depend on how we tackle the COVID-19 pandemic. We have begun reopening the economic sectors in stages and this is hoped, more or less, to help mend the country\u2019s economy.<\/p>\n\n\n\n
\u201cThe faster we tackle the pandemic, the faster we can rebuild our economy,\u201d he said.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
PORT KLANG, May 7 (NNN-BERNAMA) — The 12th Malaysia Plan (12MP) is not currently seen as being negatively impacted by the effects of the COVID-19 pandemic, said Finance Minister\u00a0Tengku Zafrul Abdul Aziz. He said this was because the 12MP, which covers the 2021-2025 period, was a long-term economic plan and the government was also studying a […]<\/p>\n","protected":false},"author":19,"featured_media":68219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/73424"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=73424"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/73424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/68219"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73424"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}