Sabah to launch its own economic stimulus package next month

2020

Mar  12th

KOTA KINABALU: The Sabah government will be introducing its state Economic Stimulus Package early next month.

Chief Minister Datuk Seri Mohd Shafie Apdal said the package was to further spur the economy in addition to the similar national-level package announced by former prime minister Tun Dr Mahathir Mohamad.

“The stimulus package is not only in terms of allocating money but also policies that will not burden businessmen and industrial players.

“It is part of initiatives to help us mitigate problems (from the trade war and Covid-19 pandemic).

“We need to have liquidity in the system and create job opportunities,” he said in a press conference during the WIEF Roundtable here.

Earlier, Mohd Shafie said every state in Malaysia is responsible to stimulate its own economy, to ensure that our nations’ economy remains stable and enhanced.

“Realising this, Sabah has come up with a development-centric budget for this year which targets the transformation of the economy into an industrial-based one.

“To spur the state’s economy, key industries such as manufacturing, tourism, agriculture, technology and education, have been identified to drive growth during the 2021-2025 period of the 12th Malaysia Plan,” he added.

Sabah’s spending in 2020 will prioritise on economic development, with an allocation of RM896.32 million to grow the key industries.

Mohd Shafie added that policy frameworks such as the Agriculture Blueprint (2021-2030), Sabah Timber Industry Master Plan and Sabah Oil and Gas Industry Master Plan will support the State’s economic diversification goal.

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