Section 3
Increase of ceiling amount of sums raised and moneys received
of Temporary Measures for Government Financing (Coronavirus Disease 2019 (COVID-19)) Act 2020
The ceiling amount for the total amount of the sums that may be raised under subsection 3(1) of the Loan (Local) Act 1959 and the total amount of moneys that may be received under subsection 3(1) of the Government Funding Act 1983 specified in the Loan (Local)
(Statutory Ceiling for Borrowing) and Government Funding (Statutory
Ceiling of Moneys Received) Order 2009 [P.U. (A) 241/2009] at the rate of fifty-five per centum of the Gross Domestic Product of
Malaysia, is increased up to sixty-five per centum of the Gross
Domestic Product of Malaysia, when calculated together.
(2)
Subsection (1) shall have effect for the period from the date this Act is published in the Gazzette until 31 December 2022 and during such period the Loan (Local) (Statutory Ceiling for
Borrowing) and Government Funding (Statutory Ceiling of Moneys
Received) Order 2009 is suspended.
(3)
For the purposes of this section, “Gross Domestic Product of
Malaysia” means the latest Gross Domestic Product of Malaysia confirmed by the Minister.