PM announces new Economic Action Council to tackle Covid-19, falling oil prices

Prime Minister Tan Sri Muhyiddin Yassin chairs the first new Cabinet meeting at the Perdana Putra in Putrajaya March 11, 2020. — Bernama pic
Prime Minister Tan Sri Muhyiddin Yassin chairs the first new Cabinet meeting at the Perdana Putra in Putrajaya March 11, 2020. — Bernama pic

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PUTRAJAYA, March 11 — The Perikatan Nasional (PN) government will form an Economic Action Council (EAC) to address economic problems caused by the coronavirus disease (Covid-19) outbreak and plummeting oil prices.

Prime Minister Tan Sri Muhyiddin Yassin said the council will meet weekly to discuss the issues and seek solutions.

“Therefore the Cabinet decided that we will form what is called the Economic Action Council, which I will chair together with the senior ministers in charge of economy, Datuk Seri Mohamed Azmin Ali; the finance minister; and minister in the prime minister’s department, Datuk Seri Mustapa Mohamed.

“There will also be members whom we will choose, including among others the Bank Negara Governor, and several individuals who are well-versed, whom we will call to help the government to jointly address the key problems affecting us today,” he said in his first post-Cabinet meeting press conference today.

“We will be meeting every week. Not once a month. The first meeting will be held this coming Monday.

“Cabinet meets on Wednesday, EAC will meet on Monday,” he said, adding that the decisions made by the EAC will later be deliberated in the Cabinet committee.

Muhyiddin said that the formation of the Council is proof that the government is getting down to work and not sitting on important decisions.

He added that the stakeholders can also submit their ideas and solution proposals to the EAC via the relevant ministries, which will then be discussed.

He pointed out that attention will be given to the B40 group which are the most affected by the economic tumult.

“As we don't have any manifesto, seeing as this government was formed in a rather extraordinary situation, we have decided that each ministry will need to submit its proposal as to what we will be executing, which includes all,” he said, adding that the government would also be announcing a “new deal for Malaysia”.

He said that the initiative would be announced in due course.

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