KOTA KINABALU, March 12 ― Chief Minister Datuk Seri Shafie Apdal said he would unveil Sabah’s stimulus package by next month to mitigate the economic slowdown resulting from the coronavirus disease (Covid-19) and the US-China trade war.
He also said that the state will announce policies and measures that will complement its objectives and help businesses stay afloat in the downturn.
“I will announce a stimulus package early next month with some solutions and to help the liquidity of the state in order to keep the economy here afloat. There will be approaches and policies to alleviate the burden on business and industrial players,” he said when speaking to reporters after an event at a hotel here.
Shafie said that the stimulus package will be people-centric and include initiatives to generate job opportunities for those affected by the crises.
“At the same time we are also looking at bigger impact projects for the state economy. Some discussions are still ongoing. We are looking into how best to position ourselves to face the economic turbulence.
“We are looking into areas where people have money but they put it in the bank. They are quite reluctant to invest in sectors because of the uncertainties. But in times of crisis, costs are very much cheaper, and this is the time investment should come. The crises shouldn't be long term, so hopefully we can overcome this in the near future,” he said.
Shafie also thanked the federal government for the RM20 billion 2020 Economic Stimulus Package, saying this would create spillovers that would benefit the state.
Sabah’s tourism industry has been particularly affected by the Covid-19 pandemic as the state relies heavily on Chinese tourists.
Hotels, tour companies, eateries and shopping malls have all reported a rapid decline in business and some were even forced to temporarily close.
