by Theleaders-Online | March 20, 2020 1:59 am
KUALA LUMPUR: Kudos to the government for its prompt action to help small and medium enterprises (SMEs) via the second stimulus package.
In a statement, the Covid-19 Special Task Force Secretariat for non-governmental organisations (NGOs) and entrepreneurs said that the new measures would help businesses affected by the COVID-19 outbreak.
“The latest stimulus package clearly prioritised SMEs, small and medium industries (SMIs), the self-employed and workforce from the affected sectors who had been laid off or subjected to extensive pay cuts.
“In a situation like this, quick action taken by government to provide financial facilities for the next six months to all those affected is sorely needed and important in facing the vicious downward cycle in the country’s economy,” said the task force secretary Shahul Hameed Dawood.
The Economic Action Council (EAC), which is geared to announce at least two economic measures weekly, and the establishment of the Economic Stimulus Implementation and Coordination Unit Between National Agencies (LAKSANA) under the Finance Ministry (MoF) to monitor the implementation of the RM20 billion stimulus package, were paramount to stem the tide.
“We are grateful that banks will defer payments, including bank loans, personal loans, credit cards, overdrafts, hire purchases and margin call, for the next six months.
“I urge the banks to disseminate this information to their respective officers and instruct them to stop harassing borrowers,” he said.
According to Shahul, MoF had also initiated the debt and financial restructuring exercise to ease the financial burden faced by these entrepreneurs.
“Many SMEs, SMIs and the self-employed are facing major challenges in cash flow, rental and payroll as well as employee retention. How would it be possible for them to repay their loans?” he asked.
Shahul said the financial and mental wellbeing of fellow entrepreneurs and SMEs, in general, should be the top priority of the government.
In fact, he said, the insurance companies in Malaysia had also moved to reduce their burden by extending the premium deadlines of the insurance policy owners.
Meanwhile, following the postponement of Visit Malaysia 2020 to a later date, the secretariat suggested that funds for the programme to be channelled to facilitate and support high impact projects that may help further reduce the impact on the country’s economy.
The Covid-19 Special Task Force Secretariat for NGOs and Entrepreneurs represents over 100 organisations, including the SMEs, SMIs and NGOs across Malaysia.
By Hema Subramaniam
Source URL: https://theleaders-online.com/covid-19-task-force-thank-you-govt-for-your-prompt-action/
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