KUALA LUMPUR, March 8 — Banks should allocate 30 per cent of their previous two years’ profits to create a RM21 billion government-backed recovery fund, said the Business Survival Group coalition.

The coalition’s president, Datuk Abdul Malik Abdullah, dubbed this the "Rakyat Bond”.

"The banks must collectively step up to prepare an economy recovery fund model and we suggest setting up a government-backed fund, which banks must subscribe to and will serve as the special relief funds for the business community.

"If they set aside just 30 per cent of these two years’ profit (approximately RM70 billion) — that’s RM21 billion. That is 16 times of what the banking system has given out in terms of SRF loans (RM 1.259 billion) and only over one-third (38 per cent) of what the government has done (which is RM 55 billion),” Abdul Malik said in the press conference in Bangsar Shopping Centre today.

The coalition also urged the government to form a new entity incorporating private sector input to coordinate all pandemic-related relief, policy-making and regulation.

Abdul Malik said all ministries and agencies related to trade and commerce should collaborate on a "single window for economic stimulus”, with the Ministry of International Trade and Industry (Miti) as the coordinator.

"Anything to do with all businesses across all industries is to go to this single window,” he said.