KUALA LUMPUR, 30 JUNE: According to Prime Minister Tan Sri Muhyiddin Yassin, the government has set aside RM147.1 billion to help small and medium companies (SMEs) through different economic stimulus programs announced since 2020. He predicted that SMEs’ growth prospects will gradually improve this year as a result of the execution of these packages, in line with the general economic growth forecast.
In a pre-recorded address at the virtual launching ceremony of the MyAssist MSME portal and National SME Week 2021 today, he said, “The economic stimulus measures, as well as Budget 2021, will be able to help reduce the cash flow constraints of SMEs and increase their business resiliency.”
Economic Stimulus Package 2020 (PRE 2020), National Economic Recovery Plan (PENJANA), Prihatin Rakyat Economic Stimulus Package (PRIHATIN), Additional Prihatin SME Economic Stimulus Package (PRIHATIN SME Plus), Prihatin Supplementary Initiative Package (KITA PRIHATIN), Malaysian Economic and Rakyat’s Protection Assistance Package (PERMAI), Malaysian Economic and Rakyat’s Protection Assistance Package (PERMAI), Malaysian Economic
Muhyiddin mentioned that Bank Negara Malaysia predicted that the Malaysian economy will grow by six to 7.5 percent this year, citing solid domestic activity recovery and growing foreign demand as the main reasons for optimism.
He emphasized that SMEs were the country’s economic backbone, accounting for 98.5 percent of all Malaysian business organizations across all sectors.
“Overall, SMEs in the country have succeeded in creating jobs for over 7.3 million people,” he stated.
Datuk Seri Wan Junaidi Tuanku Jaafar, Minister of Entrepreneur Development and Cooperatives, was also present at today’s ceremony. Continue reading