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‘Abolish accrued interest/profits during moratorium’

KUALA LUMPUR: Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz today urged financial institutions to consider abolishing the accrued interest (on hire purchase loans) or profits (on fixed rate Islamic financing) during the six-month moratorium period. He made the call following confusion over the accrued interest rate or profits with regard to the moratorium period offered by […]

Phase 2 of BPN pay-out to begin May 4

KUALA LUMPUR: The second phase of the Bantuan Prihatin Nasional (BPN) pay-out will begin on May 4. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said this would cover all eligible recipients, both households and single individuals, in the bottom 40 (B40) and middle 40 (M40) groups. “As of April 26, more than 3.26 million new applications as well as […]

Malaysia has received over RM2.67 billion of 1MDB monies to-date

KUALA LUMPUR: Malaysia has received $620 million ($1 = RM4.32) or RM2.6784 billion to-date from the United States since the 1Malaysia Development Bhd’s asset recovery efforts were initiated in June 2018, Minister of Finance Tengku Datuk Zafrul Tengku Abdul Aziz said today. Among the funds were $57 million from the proceeds of the settlement with Red Granite Pictures […]

1.17 mln EPF i-Lestari applications approved

KUALA LUMPUR: As of April 12, 2020, the government has received 1.28 million applications for withdrawals under the Employees Provident Fund’s (EPF) i-Lestari facility for May, of which 1.17 million were approved, involving withdrawals totalling RM572 million. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said under the programme, EPF contributors may withdraw RM500 per month for 12 months from […]

One-off RM200 IPT aid extended to Form 6, Diploma students

KUALA LUMPUR: The RM200 one-off payment for full-time students at higher institutions of learning (IPTs) announced under the Prihatin Rakyat Economic Stimulus Package on March 27 will be extended to include Form Six, Diploma and equivalent students. The Finance Ministry in a statement yesterday said the aid will be extended to include students studying at institutions […]

Govt’s fiscal injection rises to RM35 bln

KUALA LUMPUR: The government’s direct fiscal injection to stimulate the economy has increased to RM35 billion after the announcement of the RM10 billion Prihatin Package for SMEs (Additional Measures) made by Prime Minister Tan Sri Muhyiddin Yassin yesterday. Finance Minister Tengku Datuk Seri Zafrul Aziz said the injection would be funded through government funds and domestic borrowings. “The country’s budget […]

Housing loan moratorium proposal to be tabled in Cabinet

PUTRAJAYA: A proposal to grant a moratorium (deferment) on housing loan for civil servants who borrowed from the Public Sector Home Financing Board (LPPSA) will be discussed in the cabinet next week, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He said all the proposals presented would be considered by the Ministry of Finance, as well as other relevant ministries and […]

MOF, regulators working to ensure markets run smoothly

PUTRAJAYA: The Ministry of Finance (MOF) is working closely with Bank Negara Malaysia (BNM), the Securities Commission (SC) and Bursa Malaysia to ensure that the capital and financial markets continue to run transparently and systematically, following the Movement Control Order. Last night, Prime Minister Tan Sri Muhyiddin Yassin announced that Malaysia will be enforcing a nationwide Movement […]

MOF announces unit to monitor ESP 2020 implementation

KUALA LUMPUR: The Ministry of Finance (MOF) has announced the formation of an inter-agency economic stimulus implementation and coordinating unit (Laksana) at the ministry to monitor the implementation of the 2020 economic stimulus package (ESP 2020). Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Laksana will present occasional reports to the Economic Action Council (EAC) on the status of implementation […]

Tengku Zafrul’s appointment seen as serious bid to win market confidence

KUALA LUMPUR: The appointment of banking sector heavyweight Tengku Zafrul Tengku Abdul Aziz as Finance Minister is seen as a serious bid to win market confidence, said OCBC Bank economist (Global Treasury Research & Strategy) Wellian Wiranto. In a research note today, Wiranto said while successive Malaysian governments have been attempting to reduce the dependence of the government revenue […]