KUALA LUMPUR: The government will announce the continuation of the National Recovery Plan (PPN) and fine-tune the other economic recovery measures during the tabling of the 12th Malaysia Plan (12MP) and Budget 2022.
Prime Minister Tan Sri Muhyiddin Yassin said the 12MP is expected to be tabled in the Dewan Rakyat on Sept 20, 2021 and Budget 2022 on Oct 29, 2021.
"I would like to inform that Budget 2022 will focus on three key areas, namely agenda to drive economic recovery, rebuild country's resilience and catalysing reforms or Recovery, Resilience and Reform.
"Towards this end, a special focus will be given on efforts to revive affected sectors such as tourism, improve the capability of the public healthcare system as well as social protection scope, and boost the digital economy to strengthen the nation's competitiveness in facing the new normal globally," he said.
Muhyiddin said this during the Ministers briefing session at the Special Meeting of the Third Session of the 14th Parliament today.
The government, via the Finance Ministry, will for the first time issue a pre-Budget 2022 statement, including public consultation document on the focus of policies in August 2021, in line with efforts to increase the transparency process as well as the public involvement in the annual budget preparation.
"Besides that, as the key element in presenting information on the implementation of PPN to the public, a National Recovery Plan Portal is being developed as a one-stop reference centre which will display the latest indicators as well as information related to PPN, benefits, and also the latest standard operating procedures (SOPs) which will be more user-friendly," he said.
Realising the people's situation during these difficult times, the Prime Minister said as a caring government, the government has implemented eight economic stimulus packages with various cash assistance to the people.
"Starting with Prihatin Rakyat Economic Stimulus Package (PRIHATIN), then PRIHATIN SME (Additional Measures) followed by National Economic Recovery Plan (PENJANA), KITA PRIHATIN, Malaysian Economic and Rakyat's Protection Assistance Package (PERMAI), Strategic Programme to Empower the People and Economy (PEMERKASA), PEMERKASA Plus, and the latest, National People's Well-Being and Economic Recovery Package (PEMULIH) with a total value of RM530 billion.
"All these are implemented solely for one purpose, that is, ensuring the livelihoods and welfare of the people are protected," he said.
According to him, the government has approved moratorium on bank loans for 12 months, six months last year and another six months through the PEMULIH package announcement recently.
"The government has also continued giving discounts for electricity bills and subsidies for cooking oil and petrol for the people's benefits.
"The implementation of training and skills enhancement programmes have also been made in preparation for increasing the marketability of the workforce and providing jobs for the people," he further said.
The Prime Minister said, specifically for the small and medium enterprises (SMEs), the government has agreed to provide additional payment under the Prihatin Special Grant (GKP) of RM1,000, which will be paid RM500 each in September and November this year.
Apart from that, to support the SME entrepreneurs digitalisation agenda, he said the government has also provided matching grants of up to RM5,000 to purchase systems or subscribe to digital platforms via the SME Digitalisation Grant programme.
To continue supporting the SMEs to enable them to obtain financing facilities to revive their business during the recovery phase, Muhyiddin said the government will increase the guarantee ceiling under Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) amounting to RM20 billion.
"Bank Negara Malaysia is also committed to providing the SMEs with access to financial assistance by increasing the loan facility to the enterprises by another RM4 billion for 2021.
"As of end-June 2021, there's still an overall balance for SME financing facility of RM8.6 billion that can be utilised by the SMEs," he said.
Under the PEMULIH package, he said the SMEs are also able to obtain microcredit facility of up to RM1.1 billion provided by AgroBank and Bank Simpanan Nasional, each amounting to RM500 million, and by TEKUN totalling RM100 million.
Hence, he hoped these funds will be able to accommodate the needs of the SMEs and micro enterprises in revitalising their businesses in tandem with the reopening of the economy under PPN.
Muhyiddin said for all the stimulus packages, part of it have been and will be funded utilising the COVID-19 Fund (KWC-19).
"The establishment of KWC-19 was based on legislation under Temporary Measures for Government Financing [Coronavirus Disease 2019 (COVID-19)] 2020 (Act 830) approved unanimously by the Dewan Rakyat.
"The implementation of all these packages have benefitted more than 20 million people as well as 2.4 million premises and business entities to date. Over RM200 billion has been benefitted during the period," he added.
-- BERNAMA
Bernama
Mon Jul 26 2021
Muhyiddin said the 12MP is expected to be tabled in the Dewan Rakyat on Sept 20, 2021 and Budget 2022 on Oct 29, 2021. - BERNAMA photo
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.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.