KUALA LUMPUR, April 23 — The Malaysia Retail Chain Association (MRCA) said today it has established a strategic task force to advise the government and provide assistance to the retail and franchise sectors during the ongoing Covid-19 pandemic.
Its movement control order Action Bureau (MMAB) consisting of the MCRA’s president council and advisors, bureau working committee, and professional advisors, is expected to help all MCRA members during this challenging time.
“The MMAB’s objectives and goals include working with the government and all its related agencies on stimulant packages, engaging with association members to ascertain their difficulties, and to provide advice and all assistance within its means during this difficult time,” MCRA said in a statement.
Other objectives include working with financial institutions on possibilities of securing loans and other financial aid, championing initiatives and interacting with other NGOs, whose members are also impacted by this pandemic, to help each other and create mutual benefits.
“The MMAB will also advise members on business continuity management measures, especially on their business processes and IT systems, as well as provide for MRCA members on professional matters related to legal, taxation, accounting, financing and the like,” it said.
As association members said their businesses have been adversely affected, the MCRA said effort is already underway to engage them via regular online forums and discussions, which will now be taken over by its MMAB.
“It will continue to proceed as such until they are able to meet members face to face. The MMAB will also set up a new Facebook communication channel as soon as possible to allow members to reach out to it,” said MCRA.
At the end of last month, the Malaysia Retailers Association (MRA) said the sector is expected to lose up to 90 per cent of revenue in March, and may not survive the ongoing MCO without urgent government assistance.
Appealing for a “stimulus package on steroids”, the MRA said the Covid-19 economic crisis differs from the 2008 financial crisis, which slowly ate away at asset values, whereas this crisis’ sudden onset required swift measures to be taken.
Shortly thereafter, Prime Minister Tan Sri Muhyiddin Yassin announced a second stimulus package, worth RM250 billion, to complement the first package by supporting small and medium-sized enterprises, providing assistance to low and middle-income households, and strengthening the national economy with fiscal injections, among others.
