In a statement, the former ruling coalition said the government must be bold and spend more to pull the economy out of recession, and move away from one-off cash payments to giving financial aid on a regular basis to those in need.

PH also said financial assistance should not be limited to the bottom 40 group (B40), but must be given to the middle 40 group (M40) too to prevent them from slipping into B40.

It called for a direct cash injection of RM45 billion into the economy, which involves increasing monthly welfare payments of up to RM1,000, and an automatic moratorium extension, excluding the top 20 group, until the end of the year.

“The cost should be borne by the banking industry, which recorded a healthy profit after tax of nearly RM23 billion for 2020,” it said.

PH said the RM45 billion should also cover monthly wages of up to RM500 and hiring incentives to boost employment, as well as RM3.5 billion for the health ministry to ramp up the vaccination programme and Covid-19 management to avoid the collapse of the public healthcare system.

It said another RM28 billion should be allocated to assist small- and medium-sized enterprises and the construction, retail and tourism industries.

Noting that this RM45 billion was nothing compared with the RM340 billion spent under the first two nationwide lockdowns, PH said this financial aid package was important to soften the impact on the economy.

“Forgoing ministerial salaries for three months does not compensate for the Cabinet’s whole-of-government failure or allay the public’s fear of Covid-19 and (the) desperate search for vaccines,” it said.

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