A special Cabinet committee has been formed to develop strategic measures to safeguard Malaysia's economy while maintaining effective enforcement of Movement Control Order (MCO) due to COVID-19.

The key focus area of the Committee will be the Small and Medium Enterprises (SMEs), according to the statement released by the Ministry of International Trade and Industry (Miti) today.

Miti said the committee was formed in response to issues highlighted by the Malaysian business community after the announcement of economic stimulus packages by Prime Minister.

This Committee will be co-chaired by two Senior Ministers: International Trade and Industry Minister Datuk Seri Azmin Ali and Defence Minister Datuk Seri Ismail Sabri Yaakob.

The remaining members of the Special Committee would be made up of personnel directly involved in the nation's economy and security.

Miti in a statement today explained they will also be engaging with industry players from various sectors to gather insights from people on the ground.

"The effort is key to ensure the Committee will address specific issues facing the business community particularly, SMEs, manufacturers and investors."

The Committee is scheduled to convene on Friday, 3 April 2020 and set to hold its second meeting on Sunday, 5 April 2020.  

The Committee will then report its recommendations to Prime Minister at the Economic Action Council (EAC) meeting next Monday, April 6.

Last week, Muhyiddin announced a RM250 billion stimulus package benefiting a wide spectrum of society, to bolster the economic impact of the COVID-19 outbreak.

Many business owners have complained about not being given enough relief in the stimulus packages announced.

News Source: Miti