MEDAC disburses 99.3% of Budget 2020 allocation to local entrepreneurs

KUALA LUMPUR: RM317.62 million or 99.3 per cent of the RM319.76 million allocation under Budget 2020 for the Ministry of Entrepreneur Development and Cooperatives (MEDAC) has been channelled to local entrepreneurs as at Dec 7.

Its Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar described it as an achievement as it reflected the commitment and efficiency of MEDAC and its agencies in helping entrepreneurs to maintain their competitiveness in the economic cycle.

"However, I call on MEDAC and agencies not to be too comfortable with this achievement and to constantly make improvements to the application process so that entrepreneurs can more easily obtain the funds or financing offered," he said in a statement today after chairing a ministerial development action council meeting (MTPK).

He said MEDAC will continue to take appropriate action in identifying obstacles and improvements to enhance the delivery services of agencies under it.

The MTPK is a platform to monitor and ensure smooth implementation of ministry development programmes, which are funded under the Federal Government development allocation.

Wan Junaidi said the move was also to ensure that the national development agenda, especially those contained in the National Entrepreneurship Policy (DKN) 2030, could be implemented successfully.

"The focus on rehabilitation will also be continued in the First Rolling Plan (RP1) of the 12th Malaysia Plan (12MP) in 2021," he said.

In Budget 2021, MEDAC received an allocation of RM548.7 million of which RM192.4 million is for management and RM356.3 million for development programmes.

He said the allocation for entrepreneurial development in Budget 2021 cuts across ministries and agencies in Malaysia.

"Therefore, the allocation announced for MEDAC in the 2021 budget is only a small part of the overall allocation for entrepreneurs and cooperatives in Malaysia," he added.

To fully achieve the national entrepreneurship and cooperatives agenda, Wan Junaidi said MEDAC will increase strategic partnerships with other ministries as outlined in DKN2030 and the Shared Prosperity Vision 2030 (WKB2030).

-- BERNAMA