Sin Chew Daily

The situation of coronavirus is worsening and we have seen daily new infection numbers breaching the 1,000-mark.

Following the extension of CMCO in Sabah, the government has announced to extend the CMCO for KL, Selangor and Putrajaya by another 14 days until November 9.

The decision to extend the CMCO is meant to contain the spread of the virus through minimizing man-to-man contacts. However, CMCO has its flip side, as it will hurt our vulnerable economy.

Since its initial onset in this country in early 2020, the coronavirus has dealt a severe blow on the local market. With the situation somewhat improved several months ago, we thought we finally saw the light at the end of the tunnel as market activities began to pick up once again.

Unfortunately, the third wave of infections has stormed in suddenly, wildly battering the Malaysian economy that is just about to recover.

We used to be hopeful for a strong economy earlier. But with the situation now turning from bad to worse, many have become pessimistic and clueless. With daily new infection numbers repeatedly registering new highs, public confidence in the market is thinning by the day.

As if that is not enough, political turmoil in recent days has added to the woes of Malaysians. From the claim by opposition leader Datuk Seri Anwar Ibrahim that he had the numbers to form the new government, to Tengku Razaleigh's demand that a no-confidence motion against the prime minister be allowed t be tabled and debated in the Parliament, to PM Muhyiddin's proposal to the King to declare a state of emergency and the rejection from His Majesty, such political developments have not only destabilized the country's politics but have also affected our economy.

Against such a gloomy backdrop, the local economy is extremely lethargic and the market significantly dampened. Unemployment rate is climbing and companies are struggling to make ends meet, as people in the street suffer under tremendous financial burden.

In view of such difficulties, it is imperative that the government come up with a fiscal budget that will truly benefit the rakyat, with attractive incentives to effectively boost market confidence to revitalize our ailing economy while curbing the spread of COVID-19.

The 2021 Budget must place the priority on reducing the burden of the people, and helping companies and individuals weather this crisis. This can be done through the introduction of tax relief measures and offering incentives and loans, among others. The loan moratorium introduced earlier on has been vastly popular among the people as it offers borrowers a momentary respite by lessening the people's financial burden.

Meanwhile, the government should also consider measures to attract and encourage investments, and create a business-friendly environment to inject a new lease of life into the listless local market in a bid to expedite economic recovery.

As the pandemic is not going to end any time soon, the government must have sufficient allocations set aside for battling the virus while reinforcing equipment and efficiency in the public health sector with the hope of effectively stopping the infections.

The 2021 Budget to be tabled in Dewan Rakyat on November 6 must strive to restore lost confidence. In the meantime, politicians must put aside their differences and pool together their efforts and resources to fight our common enemy: COVID-19, and revitalize our economy.

As long as we are willing to put aside our prejudices and work together sincerely, we will eventually triumph over the heinous virus.