The government will improve existing aid packages given to Small and Medium-sized Enterprises (SMEs) to help them further mitigate the effects of the COVID-19 pandemic, Entrepreneur and Cooperative Development Minister Datuk Seri Wan Junaidi Tuanku Jaafar said.
This positive development will be announced by Prime Minister Tan Sri Muhyiddin Yassin next week after discussions at the ministry level is brought to the Economic Action Council (EAC).
“We will wait for the Prime Minister’s announcement on what are the issues we can resolve and fulfil for the benefit of SMEs.
“This is because we cannot deny their contributions to the nation’s gross domestic product (GDP),” he said before appearing as a guest on the 'Ruang Bicara' talk show programme on Bernama News Channel last night.
He was responding to reactions from many SME entrepreneurs who have voiced their dissatisfaction over the RM250 billion Prihatin Rakyat Economic Stimulus Package (PRIHATIN) announced by the government last week.
Elaborating further, Wan Junaidi said the government would never deny the importance of SMEs, but given the current circumstances the nation is in, the priority is to fight and overcome the COVID-19 pandemic.
“The government has always realised the importance of assisting the SMEs, but we need to first prioritise the effort to flatten the pandemic curve. We do not want to be like Italy. The economy may prosper as much as it wants, but this would mean nothing if there are countless deaths here and there.
“At the same time, the prime minister has ordered for the establishment of a cabinet committee that will study how to create a balance in resolving both the economic and COVID-19 issues,” he said
Wan Junaidi said at the ministerial level, he has instructed that studies be done on affected industries for them to be regenerated to ensure there is no further slide in the national economy.
“As soon as the Movement Control Order was enforced, the government was already aware of these issues, we are also concerned and do not wish to see the possibility of many SMEs folding.
“And that is why the government had asked for a moratorium and rental waivers to be agreed upon first. Right now we are even helping small and informal businesses such as the mak cik who sells kueh,” he added.
-- BERNAMA
Bernama
Thu Apr 02 2020
WAN JUNAIDI: As soon as the Movement Control Order was enforced, the government was already aware of these issues. - Picture BERNAMA
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.