You do not know about this RM 8.6 billion? Yes, I am speaking about our COVID-19 stimulus package with a total allocation of RM260 billion. The 3rd one was aimed at the SMEs Read here: Our important SMEs. Package 3 of stimulus is aimed at them. I was worried that this allocation will take a much longer time to be implemented / disbursed but the Finance Ministry is really proving me wrong and I am the happy with this. Of course, the fact that the Finance Minister is an experienced banker helps tremendously too.
Article in nst.com.my RM8.6 billion has been disbursed as part of the RM260 billion Prihatin economic stimulus. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the RM8.6 billion was equivalent to 25 per cent of the total amount allocated for ministries and relevant enforcement agencies under Prihatin. He also shared that as of April 12, over 6 million people had received funds and one-off payments from the stimulus.
He said, “Looking forward, I hope that rakyat or small and medium businesses who have yet to receive assistance from the Prihatin economic stimulus package will submit their applications as soon as possible.” Tangju Zafrul also shared that RM1.48 billion in the Special Relief Fund (SRF) for small and medium enterprises (SMEs) had been approved as at April 12. This is a total of 2,958 SMEs. Please do refer to the full report here for better understanding. Article in nst.com.my
Let’s understand again yeah. The COVID-19 stimulus is not here to make anyone rich or even to substitute for the loss of sales revenue during the MCO for SMEs. These funds are to ensure the most vulnerable ones continue to get monetary support and the SMEs get a lifeline. While normalisation will take some time, the funds will at sustain people and businesses for a couple of months.
In fact the moratorium of 6 months (read here for often asked questions on the moratorium) are expected to provide the same relief so that the market (whether it’s the wet market, the stock market of even the property market) do not suddenly spin into even more negative volatility. In the mean for the SMEs who has yet to apply, please do so soonest yeah. As we can see, the approval and disbursement is really quite efficient. Thank you yeah dear Finance Ministry. Good job thus far.
Next suggested article: Avoid illiquid assets? Perhaps a good advice.