23 February 2022
Malaysia introduces new scheme to increase employment
Prime Minister Datuk Seri Ismail Sabri Yaakob said the programme is designed to help micro, small and medium enterprises (MSMEs) impacted by the pandemic.
The RM40 billion (US$9.6 billion), allocated through the 2022 Budget, includes various forms of financing, such as equity injections, and the initiative is open to all businesses, from micro-enterprises to public-listed companies, he said.
He added that RM22 billion (US$5.3 billion) worth of guarantees by Syarikat Jaminan Pembiayaan Perniagaan (SJPP), including RM2 billion (US$478 million) for Bumiputeras, would make it easier for SMEs to apply for new financing.
“We are also creating more jobs while restoring the livelihoods of Keluarga Malaysia,” he said, adding that the initiative aims to reduce unemployment to less than 4% by the year-end.
In addition, the prime minister said the programme will help businesses develop workers’ skills and enable reforms that would transition the country towards a sustainable economy, as well as enabled by Digital Transformation and IR4.0.
He said the government was confident that job-creation and business-empowerment efforts in the 2022 Budget would contribute to this year’s projected gross domestic product (GDP) growth of between 5.5% and 6.5%, according to New Straits Times.