KUALA LUMPUR, March 17 — A coalition purporting to represent 100 non-governmental groups, entrepreneurs and business owners urged the government today to introduce another economic stimulus package for the coronavirus disease (Covid-19) pandemic.

The coalition said the RM20 billion stimulus package Putrajaya introduced last month focused more on consumers, and claimed that the RM3.5 billion funding for small and medium enterprises was inadequate for them to cope with the crisis.

"During the global financial crisis in 2009, Malaysia unveiled a stimulus package of approximately RM60 billion over two years.

"At that time, the budget deficit increased from 4.8 per cent to 7.6 per cent. In comparison the 2020 Stimulus Package is expected to increase the fiscal deficit by only 0.2 percentage point to 3.4 per cent,” said MyEvents International Group CEO Shahul Hameed Dawood on behalf of the coalition.

The group also made 10 other requests ranging from lowering taxes to postponing Visit Malaysia 2020.

Citing confusion on what a "movement control order” is, the group’s head and Asean Chamber of Commerce president Datuk Moehamad Izat Emir said they will be meeting the prime minister this evening to discuss how best to tackle the problem that all entrepreneurs are facing.

"Covid-19 is a problem of viral infection and not a business problem. So the banks they have to operate under a strict law. If you don’t pay, they take action against you and your accounts are frozen.

"We are here to discuss what’s happening to us and for that to happen the government must work together with us and see how it affects our day-to-day business,” Izat lamented.

"So I feel the government must discuss with the banks on what to do with those suffering from Covid-19-related problems. If they don’t do that, the banks won’t know what else to do but take action and that will cause the economy and businesses to go down. 

"That’s why I think we have to meet the prime minister as soon as possible to discuss the serious effect taking place due to Covid-19.”

Among the requests the group made to the government are to blanket non-preferential treatment across all segments and customers without preferential treatment to credit scoring or risk.

It also recommended deferment on statutory obligation payments for a minimum of six months and a waiver of utility bills. This includes deferment on EPF, Socso as well as a 4 per cent deduction in EPF contribution by employees from April to December 2020. A similar reduction in employee contribution was also recommended.

The group suggested rolling out quick soft loans with no collateral under the new stimulus package as well as loans of up to 20 per cent of the annual turnover with minimal interest at 3 per cent per annum.

It also urged the government to postpone Visit Malaysia 2020 and other low-impact projects.

"To postpone Visit Malaysia Year 2020 and other low-impact projects with immediate effect and to channel funds to all those affected entrepreneurs, SME and SMIs by giving direct cash handouts,” said Shahul.

"The secretariat is putting this memorandum together and submitting it to Prime Minister Tan Sri Muhyiddin Yassin and Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz.”