Malaysia likely to incur economic losses of RM2.4 bil daily if MCO continues

Wan Junaidi during the grant presentation today (July 18,2020).

By Ling Hui

KUCHING, July 18: Malaysia would have incurred losses amounting to RM2.4 billion per day in its economy if certain business sectors were not allowed to resume operations on May 4 under the Conditional Movement Control Order (CMCO).

Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said towards the end of April, the country was facing a declining economy due to the Covid-19 pandemic, which saw many economic sectors losing their sources of income.

“That was why the federal government allowed operations of the business sector to be resumed by stages (during the CMCO).

“During the MCO (Movement Control Order) which began on March 18, only important services were allowed but after that, restaurants, stalls and supermarkets were allowed to open,” he said before the presentation of grants at Rock Road Seafood Restaurant here today.

At the function, he presented a grant amounting to RM15,000 to the Taman Sepakat Jaya Surau committee and another grant of RM5,000 to the Pending Muslim Cemetery committee.

Wan Junaidi ascertained that the decision to let businesses in Malaysia to resume during the enforcement of the CMCO followed by the Recovery Movement Control Order (RMCO) was to protect the economy of the country.

He also noted the increased number of job losses or unemployment during these periods, especially among the B40 group.

Thus, the resumption of businesses was one of the initiatives of the federal government to also aid the people who have lost their jobs during the difficult times amid Covid-19 outbreak.

“Although businesses are encouraged to reopen their doors to the public, the operators must always practice social distancing, wear masks and obey all the regulations approved by the federal and state governments.

“We are afraid that the second Covid-19 wave would hit us (Malaysia). If the second wave were to come as in China, Korea and Japan, Malaysia will have to undergo another MCO with stricter regulations,” he said. —DayakDaily