On 5 June 2020, the Malaysian Prime Minister introduced the National Economic Recovery Plan (PENJANA) to stimulate the Malaysian economy in light of the impact of COVID-19.
PENJANA revolves around 3 key themes: (i) to empower people, (ii) propel businesses and (iii) stimulate the economy. To this end, the Government has introduced 40 initiatives valued at approximately RM35 billion, out of which RM10 billion comprises direct fiscal injection by the Government.
In light of the decrease in local COVID-19 infections, on 7 June 2020, the Prime Minister also declared that the Movement Control Order (and the Conditional Movement Control Order (CMCO)) (collectively, MCO) will end on 9 June 2020. The MCO will be replaced by the Recovery Movement Control Order (RMCO), which will be effective from 10 June 2020 until 31 August 2020.
In this alert, we discuss the key highlights of PENJANA1 and the implications of the RMCO.
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This client alert was issued by Wong & Partners, a member firm of Baker McKenzie International, a global law firm with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner or equivalent in such a law firm. Similarly, reference to an "office" means an office of any such law firm. This may qualify as "Attorney Advertising" requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome.