Prime minister Tan Sri Muhyiddin Yassin has announced a massive RM230 billion economic stimulus package, of which RM25 billion will be channelled to ease the burdens of the rakyat and businesses in light of the ongoing Covid-19 pandemic.

Among the several initiatives listed (and there are many of them), RM60 million will be directed to 120,000 e-hailing drivers in the country, who will each receive a one-off payment of RM500. This is to assist them during the movement control order (MCO) period, which has seen a significant reduction in ridership as a result.

The move builds upon an earlier stimulus package worth RM20 billion that was announced in February, which will see taxi drivers be given a one-off payment of RM600 each from April 1, 2020.

Prior to this latest announcement, Bank Negara Malaysia ordered all banks to grant an automatic six-month moratorium (deferment) of all loan/financing repayments – including car loans (hire purchase agreements) – from April 1 to ease the burdens of customers who have been affected financially by the health crisis.