26 September 2022
Zafrul: Govt business facilitation agencies need to help MSMEs sustain recovery
The finance minister also reiterated that Malaysia can achieve economic growth of 5.3% to 6.3% this year, adding that third-quarter growth would also be solid. (Photo by Shahrin Yahya/The Edge)
KUALA LUMPUR (Sept 26): Government business facilitation agencies need to continue to help micro, small and medium enterprises (MSMEs) sustain their recovery post pandemic.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said such agencies, such as Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) and Credit Guarantee Corporation Malaysia Bhd (CGC), can help MSMEs adapt to the changing economic landscape.
This is important as Malaysia is expected to face various challenges in the fourth quarter of this year and into 2023 due to factors such as the war in Ukraine, the impact of China’s zero-Covid policy, and continued hiking of interest rates by the US central bank, as well as supply chain disruptions, he added.
“Whatever the challenges may be, hopefully, we can achieve positive results through cooperation to help businesses be resilient and recover,” he said at the signing ceremony involving CIMB Bank Bhd and CIMB Islamic Bank Bhd with SJPP and CGC here on Monday (Sept 26).
The finance minister also reiterated that Malaysia can achieve economic growth of 5.3% to 6.3% this year, adding that third-quarter growth would also be solid.
“Since the pandemic, the Government has implemented economic packages worth RM530 billion in addition to Budgets 2021 and 2022,” he noted.
On Budget 2023, Tengku Zafrul said the Government will continue to focus on economic recovery, apart from continuing with efforts to enhance the people’s welfare and build economic resilience to face future challenges, adding that it will also enhance the development of human capital for MSMEs.
“Areas such as building resilience, automation, and digitalisation are also important, and will be given attention in Budget 2023,” he said.