Tengku Zafrul: Economic Stimulus Packages to contribute 3.7–4.0 pct to 2020’s GDP

Tengku Zafrul says banks should look into targeted assistance but they cannot be forced to do so as it within their jurisdiction. — Bernama photo

KUALA LUMPUR (Sept 25): The RM10 billion PRIHATIN Supplementary Initiative Package (KITA PRIHATIN), which was launched by Prime Minister Tan Sri Muhyiddin Yassin, is expected to have a positive impact on the nation’s economic growth in the fourth quarter of 2020 (Q4 2020).

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the economic stimulus packages announced by the government – PRIHATIN, PRIHATIN SME+, PENJANA, and KITA PRIHATIN, worth a total of RM305 billion – are expected to contribute 3.7-4.0 per cent to the nation’s gross domestic product this year.

The move will also place the country in a better position for economic recovery by 2021, he said.

“The RM10 billion allocation is expected to result in positive growth, which will be channelled directly to the people as well as businesses.

“The government is also expecting a multiplier effect from the measures implemented under KITA PRIHATIN and the economic stimulus packages which are currently in place,” he said in a statement today.

On Wednesday, Prime Minister Tan Sri Muhyiddin Yassin announced the KITA PRIHATIN package, comprising the RM7 billion Bantuan Prihatin Nasional 2.0 (BPN 2.0), RM2.4 billion Targeted Wage Subsidy Programme, and RM600 million Prihatin Special Grant (GKP).

Tengku Zafrul said the BPN 2.0 will not only ease cashflow challenges, but also allow individuals and families to purchase their daily necessities, including promotional items under the PENJANA initiative through the Buy Malaysian Products campaign.

“At the same time, the Targeted Wage Subsidy Programme 2.0 and the GKP will help to guarantee business and job sustainability, which ensures that economic activities can be conducted and productivity is increased.

“Based on the recent economic recovery indicators, such as the reduction in the unemployment rate and the increase in the Industrial Production Index, Leading Index, as well as the retail and recreation sectors, the government is confident that KITA PRIHATIN will be able to maintain the recovery momentum,” he said.

The minister said although the government’s expenditure is expected to increase due to the additional stimulus measures, the government’s objectives remain consistent, prioritising the people’s well-being, business sustainability, and job retention.

At the same time, he said the government remains committed in ensuring fiscal discipline, adding that the Finance Ministry (MoF) is monitoring various economic indicators at the domestic and global level in ensuring that the country remains on track for a strong economic recovery.

Tengku Zafrul said KITA PRIHATIN was a result of the government’s proactive response to the various engagement and meet-the-people sessions, as well as the feedback from the MoF’s #JelajahBelanjawan2021.

“The government takes note of the challenges faced by the people as well as businesses and stakeholders that were affected by the Covid-19 pandemic in drafting the KITA PRIHATIN package.

“The list of Frequently Asked Questions has also been uploaded onto the MoF’s website,” he said.

For more information on the packages go to https://www.treasury.gov.my/index.php/kitaprihatin2020/.

On a related development, he said the MoF through the Economic Stimulus Implementation and Coordination Unit Between National Agencies (LAKSANA) will continue to monitor the implementation of the economic stimulus packages and improve the existing measures.

Tengku Zafrul also added that measures to revitalise the economy will be introduced under the Budget 2021, which will be announced on Nov 6. – Bernama

FAQ: Bantuan Prihatin Nasional 2.0 (BPN 2.0)

1. What is BPN 2.0?
BPN 2.0 is one of the additional assistance provided by the Government to the B40 and M40 groups (see Q5 for income applicable range) to ease the burden of the people due to the effects of the COVID-19 pandemic.
The award of BPN 2.0 is based on the BPN 2020 database (B40 and M40) which includes 10.6 million approved recipients.

2. Who is eligible to receive BPN 2.0?
BPN 2.0 recipients who have received the last payment of BPN 2020 before.

3. Do I need to apply for BPN 2.0?
You do not need to apply for BPN 2.0 if you have received the last payment of BPN 2020 before.

4. Can a new application be made if it is not listed as a BPN 2.0 recipient?
BPN 2.0 new applications can be made from 15 October 2020.

5. How much BPN 2.0 payment will be received?
The amount of payment to be received is as follows:
6. When will the BPN 2.0 payment be made?
BPN 2.0 payments are as follows:
i. Phase One – end of October 2020
ii. Second Phase – January 2021

7. How is this BPN 2.0 payment to be implemented?
The method of payment for BPN 2.0 is similar to the BPN 2020 payment method
8. What is the method for BPN 2.0 payment for rural recipients in Sabah and Sarawak?
Payments for recipients of rural areas in Sabah and Sarawak who do not have a bank account will start in January 2021 in full by delivery through Perbendaharaan Malaysia Sabah and Perbendaharaan Malaysia Sarawak.

9. Can I update personal information such as an inactive bank account?
Updating bank account information is not allowed because the BPN 2.0 payment method is the same as the last BPN 2020 payment method (Refer to Answer for Question 7).

10. If payment is made to an inactive or incorrect bank account, what should I do?
Claims can be made in cash at the BSN Branch once the serial number exists on the review display. Check can be made on the official BPN portal, https://bpn.hasil.gov.my.
BPN2.0 recipients need to ensure that the bank account data is accurate to ensure that payments can be channelled to the correct account.

11. When can BPN 2.0 application status be viewed?
Recipients who are eligible to receive BPN 2.0 can check their status of application from 15 October 2020 on the BPN Official Portal at https://bpn.hasil.gov.my.

12. What should I do if I have forgotten the password when logging for BPN portal and failed to answer the security questions asked?
Applicants will have to wait 10 minutes before retrying to answer the security questions and if they failed to do so, they are advised to contact LHDNM Hasil Care Line (HCL) at 03- 89111000 (to reset account and security question) or contact the nearest PKH / UTC LHDNM branch for assistance.

13. Based on the verification, I have passed as a M40 recipient during BPN 2020. Can I appeal to receive payment as a B40 recipient for BPN 2.0?
The eligibility category for BPN 2.0 is based on BPN 2020’s final approval.

14. I am the recipient of BPN 2020 under the single category and have been married. Am I eligible to receive the BPN 2.0 under the household category?
You can submit a new application / appeal starting 15 October 2020 under the Household category if it meets the eligibility requirements.

15. I was a spouse of the previous BPN 2020 recipient under the Household category and now I am divorced. Am I eligible to receive BPN 2.0 under the single parent category?
You can submit a new application / appeal from 15 October 2020 under the single parent category.

16. I am single and will turn 21 years old in 2021. Am I eligible to apply if I am not 21 years old during the application period?
Eligible recipients are those born in the year 1999 and below.

17. I have received BPN 2020 payment before and would like to reject BPN 2.0. How to return the BPN 2.0 payment received ?
Below is the list of actions to be taken:
i. You are advised to submit a letter to the Ministry of Finance Malaysia stating your full name, MyKad number and reason for repayment;
ii. Attach a bank draft / check in the name of the Accountant General of Malaysia (according to the return amount); and
iii. Letters and bank drafts / checks must be submitted to the Ministry of Finance Malaysia at the following address:
National Budget Office
Ministry of Finance
Precinct 2, 62592

Source: https://www.treasury.gov.my/index.php/kitaprihatin2020/

Sumber: Borneo Post Online

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