Next 3 to 6 months crucial for economic recovery, says Tengku Zafrul

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Finance Minister Tengku Zafrul Aziz says Malaysia’s move to lower the overnight policy rate is driven by global economic conditions.KUALA LUMPUR: The coming three to six months will be crucial for the successful implementation of the National Economic Recovery Plan (Penjana), which is expected to show results by the third or fourth quarter of 2020, the finance minister said. Tengku Zafrul Aziz said Malaysia’s move to cut the overnight policy rate (OPR) today to a record low of 1.75% from 2% previously was driven by global economic conditions, which were still in the early stages of recovery from Covid-19. He said that based on forecasts by various agencies such as the World Bank and International Monetary Fund, more than 150 of the 195 countries globally were expected to record economic contraction in 2020. “The decision to reduce the OPR is aimed at accelerating the rate of reco…