The Labuan Corporation (LC) has organised the Labuan Economic Coordination Meeting here today to discuss the Covid-19 pandemic’s impact on the financial sector and the local economy.
Participants include representatives from the Labour Department, Statistics Department, Inland Revenue Board, the Fisheries Development Authority of Malaysia and the Agriculture Department, among others.
During the meeting, the parties reviewed various aspects associated with the economic stimulus package announced by the government to help the nation tide over the economic crisis caused by the pandemic and the subsequent movement restrictions to curb its spread.
LC chief executive officer Dr Fary Akmal Osman said the meeting was crucial in view of the reduced economic activities following the pandemic.
“Due to Covid-19, we could not call for a larger gathering with the industry players, however, we prepared an economic survey to obtain inputs from the business communities in Labuan,” she told Bernama.
Fary said an economic strategy is being drawn up to help those who have lost their jobs, adding that the Covid-19 pandemic presented an unprecedented challenge with its severe socio-economic impact.
“A coordinated and comprehensive strategy is necessary to deal with health emergency needs, to support economic activity, and to prepare the ground for the recovery.
“This strategy should combine short, medium and long-term initiatives, taking account of the spillovers and interlinkage between our economies and the need to preserve confidence and stability,” she said. – BERNAMA/EDGE MARKETS
