PETALING JAYA: Prime Minister Tan Sri Muhyiddin Yassin will announce an economic stimulus package aimed especially at small and medium sized enterprises (SMEs) in a bid to soften the impact of the Covid-19 movement control order (MCO).
He will announce this at 4pm on Monday (April 6) in a live televised address titled “Perutusan Khas Pakej Prihatin PKS” (Special Address on Prihatin SME Packages).
This is an addition to the other economic stimulus packages for the people to increase cashflow to ensure the economy does not collapse.
Sources have said that this was the outcome of two hurried meetings by a Special Cabinet Committee put together to address the problems of the business community, especially the SMEs.
The special Cabinet committee was co-chaired by two Senior Ministers: International Trade and Industry (Miti) Minister Datuk Seri Azmin Ali and Defence Minister Datuk Seri Ismail Sabri Yaakob.
Sources said the first meeting was held on Friday (April 3), with briefings from Bank Negara Malaysia and Khazanah among others.
The second meeting was held on Sunday (April 5) and was focused on what is needed from the stakeholders on the ground.
Miti said the committee was formed in response to the many complaints from the business community after the announcement of economic stimulus packages by Muhyiddin.
The ministry added that the aim is to strike a balance between the nation’s economic priorities and the effective enforcement of the movement control order (MCO).
“Other key focus areas of the committee include measures to sustain Malaysia’s economic engines, particularly the SMEs, during the MCO and to ensure effective mitigation efforts in addressing the displacement of the labour force among Malaysians.
“In addition, Miti will be engaging with industry players from various sectors to gather insights from people on the ground.
“This effort is key to ensure the committee will address specific issues facing the business community particularly, SMEs, manufacturers and investors,” said Miti.
The business community had complained that the earlier RM250bil worth of stimulus packages does not benefit them and puts them in a further bind.
The government has said that action will be taken against businesses which retrench workers without giving them the proper dues, although workers in many non-essential industries are forced to stay at home, with factories and offices forced to close under the MCO.
In the earlier packages which cut across the board for all communities, SMEs were provided loans, tax deferments, utility discounts and a wage subsidy of RM600 for three months for workers earning RM4,000 or less, if not retrenched. – The Star