COVID-19 lockdown puts pressure on Malaysian government's finances
Malaysian Minister of International Trade and Industry Mohamed Azmin Ali said the government's finances are becoming “very constrained” as a surge in COVID-19 infections has once again forced the country into a lockdown.
People wearing face masks walk in front of the Petronas Twin Towers in Kuala Lumpur, Malaysia. (Photo: Xinhua)
Hanoi (VNA) – Malaysian Minister of International Tradeand Industry Mohamed Azmin Ali said the government's finances arebecoming “very constrained” as a surge in COVID-19 infections has once againforced the country into a lockdown.
He told CNBC that the Malaysian government hasannounced a new stimulus package worth 40 billion Malaysian ringgit (roughly 9.68billion USD) to help businesses and households cope with another round of“total lockdown” that started on June 1.
That latest stimulus came on top of six prior packages worth a total 340 billion Malaysian ringgit (around 82.31 billion USD) rolled out over the past year. The government said the additional spending could push2021′s fiscal deficit above its target of 6 percent of gross domestic product (GDP).
During the June 1-14 “total lockdown,” businessesoffering essential services will remain open while certain segments of themanufacturing sector can operate with reduced capacity.
Malaysia’s COVID-19 outbreak has substantiallyworsened despite the government imposing lockdowns of varying degrees over thepast year.
Last week, the Southeast Asian country reported fiveconsecutive days of record infections and on June 2 registered its largestdaily death toll since the start of 2020. Overall, Malaysia has confirmed morethan 595,000 COVD-19 cases and 3,096 deaths, data from the health ministry showedon June 3./.
Malaysia's exports rose 63 percent year-on-year to 105.6 billion RM (25.54 billion USD) in April, driven by expansion in re-exports to major markets, including China and the US.
Malaysian Prime Minister Muhyiddin Yassin on May 31 unveiled a new economic stimulus package worth 40 billion RM (9.7 billion USD) in an attempt to mitigate the impacts of the new total lockdown.
The manufacturing sector of Malaysia continued to recover in May but stricter measures to combat a renewed surge in COVID-19 infections had an adverse impact on production volumes, according to American-British information provider IHS Markit.
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Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
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Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
People wearing face masks walk in front of the Petronas Twin Towers in Kuala Lumpur, Malaysia. (Photo: Xinhua) 
