Govt sets up economic action council to address economic woes
Published on 11 Mar 2020. | Source: theedgemarkets.com
PUTRAJAYA (March 11): The government has decided to set up an Economic Action Council (EAC) as an immediate step to address the economic woes faced by the country.
Prime Minister Tan Sri Muhyiddin Yassin said the EAC, which will be chaired by him, will meet every Monday, with the first meeting slated for March 16.
He said the EAC comprised International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed.
Other distinguished individuals, including Bank Negara Malaysia governor Datuk Nor Shamsiah Mohd Yunus, will be appointed as members of the EAC.
"All Cabinet ministers are aware of the volatile economic situation, with oil prices dropping to US$30 per barrel, down 31%, which would have an impact on the government’s sources of funding.
“This is further aggravated by COVID-19, which has made a huge impact on the country, especially on the economy," he told a press conference after chairing his first Cabinet meeting here today.
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