Govt business facilitation agencies need to help MSMEs sustain recovery - Tengku Zafrul

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said such agencies, such as the Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) and Credit Guarantee Corporation Malaysia Bhd (CGC), can help MSMEs adapt to the changing economic landscape.

This is important as Malaysia is expected to face various challenges in the fourth quarter of this year and into 2023 due to factors such as the war in Ukraine, the impact of China's zero COVID-19 policy, and the continued hiking of interest rates by the US central bank, as well as supply chain disruptions, he added.

"Whatever the challenges may be, hopefully, we can achieve positive results through cooperation to help businesses be resilient and recover," he said at the signing ceremony involving CIMB Bank Bhd and CIMB Islamic Bank Bhd with SJPP and CGC here today.

The finance minister also reiterated that Malaysia can achieve economic growth of 5.3 and 6.3 per cent for this year, adding that third quarter growth would also be solid.

"Since the pandemic, the government has implemented economic packages worth RM530 billion in addition to Budget 2021 and 2022," he noted.

On Budget 2023, Tengku Zafrul said the government will continue to focus on economic recovery, apart from continuing with efforts to enhance people's welfare and build economic resilience to face future challenges, adding that it will also enhance the development of human capital for MSMEs.

"Areas such as building resilience, automation, and digitalisation are also important and will be given attention in Budget 2023," he said.