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Malaysia unveils 250B ringgit package to support economy amid coronavirus

The Malaysian government unveiled a 250 billion ringgit stimulus package to support its economy struck by the coronavirus pandemic, Bloomberg News reported.

The package, announced by Prime Minister Muhyiddin Yassin, includes the 20 billion ringgit program announced in February by the country's previous government to assist businesses affected by the outbreak.

The package includes 50 billion ringgit to guarantee working capital loans and 10 billion ringgit in one-time payments for singles and low- to middle-income households, according to the report.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

Earlier in the week of March 23, the Malaysian central bank announced measures to support local banks in their efforts to help individuals, small and medium enterprises and companies during the pandemic.

Malaysia has extended its national lockdown to April 14. As of March 27, the country had more than 2,000 confirmed cases of the virus with 24 deaths, according to the news outlet.

As of March 27, US$1 was equivalent to 4.33 Malaysian ringgit.