Malaysia | GLCs Help to Formulate a Comprehensive Economic Strategy

 

GLCs Help to Formulate a Comprehensive Economic Strategy

 

Since the emergence of the novel coronavirus disease, first discovered in China at the end of 2019, the Malaysian Government has followed the procedures set by the World Health Organisation and has advised experts to deal with and prevent the spread from spreading widely. Meanwhile, from an economic point of view, the government has also been observing the needs of businesses since the Movement Control Order (MCO) started on 18 March 2020. On 27 March, the government announced a stimulus package worth RM250 billion.

Realising the need for solidarity within the Malaysian community, the newly appointed Prime Minister, Tan Sri Muhyiddin Yassin, emphasised that the role of government-linked companies (GLCs) is important in helping the government formulate a comprehensive economic strategy during and after the MCO. On 2 April, he and the Finance Minister, Tengku Datuk Seri Zafrul Tengku Aziz, held a video conference with six heads of the GLCs to discuss matters related to the country’s economy.

“I have also asked the GLC to play a more proactive role and to be an example to other companies or industries in implementing corporate social responsibility to help the rakyat (Malaysian citizens) cope with the difficulties during COVID-19 outbreak,” said the Prime Minister in a statement after the video conference. The GLCs involved in the discussion were Employees Provident Fund, Permodalan Nasional Berhad, Khazanah Nasional Berhad, Retirement Fund Incorporated, Lembaga Tabung Angkatan Tentera and Lembaga Tabung Haji.

It is worth mentioning that Malaysia has been recognised for its effective management of several crises in the past.  This time around, the government’s response to contain the COVID-19 pandemic is being praised internationally with the country’s global ranking on the basis of the number of confirmed infections improving day by day. Within the OIC member countries, Malaysia has the third-largest number of confirmed cases, but it is the eights in terms of the deaths recorded since the emergence of this pandemic. Patients recovery rate is above 27% of the total cases in Malaysia, which is significantly higher than the global rate of 20%.