KUALA LUMPUR, March 19 ― The Covid-19 Special Task Force Secretariat for Non-governmental Organisations (NGOs) and Entrepreneurs has hailed the government's immediate measures via the second stimulus package to reduce the economic effects of Covid-19 on severely impacted sectors.
Its secretary Shahul Dawood said the latest stimulus package clearly prioritised the small and medium enterprises (SMEs), small and medium industries (SMIs), self-employed entrepreneurs and workforce from the affected sectors who had been laid off or subjected to extensive pay cuts.
“At times like these, the quick action taken by government to provide financial facilities for the next six months to all SMEs, SMIs, self-employed entrepreneurs, unemployed personnel and those who have undergone pay cuts is sorely needed and important in facing the vicious downward cycle in the country’s economy,” he said in a statement today.
Shahul said the immediate economic mitigation measures like the Economic Action Council (EAC), which is geared to announce at least two economic measures weekly, and the quick 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.
He said the citizens were also grateful for the decision made on the call for immediate action to be undertaken by all banks to defer all payment payouts, including bank loans, personal loans, credit cards, overdrafts, hire purchases and margin call, for the next six months.
“We would like to urge the banks to disseminate this call to their respective bank officers and order them to stop harassing for repayments to be made,” he said.
Fundamentally, Shahul said, MoF had also initiated the debt rescheduling and financial restructuring to further ease the financial burden faced by these entrepreneurs.
“Many SMEs, SMIs and self-employed entrepreneurs 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 said.
He 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 might help to 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, formed to be their voice regarding the economic crisis caused by the Covid-19. ― Bernama
