PETALING JAYA: In presenting the first budget of his Unity Government in February themed Developing Malaysia MADANI, Prime Minister Datuk Seri Anwar I...
In presenting the first budget of his Unity Government in February themed Developing Malaysia MADANI, Prime Minister Datuk Seri Anwar Ibrahim said the government is committed to protecting the livelihood of the rakyat, upholding integrity, and enhancing a caring and compassionate society.
“The government is aware that there are still businesses that are affected by the pandemic, especially MSMEs. Belanjawan 2023 will ensure local MSMEs are once again competitive and able to increase their business capacity because various facilities will be made available to support them.” MSME entrepreneurs will be provided with access to financing facilities through Bank Negara Malaysia , Bank Simpanan Nasional and Tekun Nasional , with funds totalling RM1.7 billion.
The assistance will be channelled through participating financial institutions comprising banks, prescribed development financial institutions and the Credit Guarantee Corporation Malaysia Berhad . The decision to expand guarantees to financing by non-banking financial institutions is made to specifically benefit small businesses that lack the funds to apply for loans.
Other than tax reductions and guarantees on loans, the Government has implemented subsidy schemes for micro, small, and medium enterprises to help them compete again post-pandemic. The first subsidy provided will be targeted towards exporters through the Exporters’ Development Incentive Scheme which subsidises financing rates by 1.5% for financing of up to RM 10 million for a tenure of seven years.
A subsidised diesel control system will be implemented by the government to reduce leakages, and there will be increased enforcement efforts by government agencies and industry players. The Malaysia Digital Economy Corporation under the Ministry of Communications and Digital will be at the forefront of driving Malaysia’s digital economy forward and its purpose is to accelerate the country’s digital transformation.
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