Govt continues efforts to help people rebuild livelihoods post-pandemic - MOF
Bernama
Februari 5, 2022 11:50 MYT
Februari 5, 2022 11:50 MYT
The Ministry of Finance (MoF) today reiterated and reminded the public to take advantage of various initiatives provided by the government to help the people rebuild their livelihoods, post-pandemic. - BERNAMA
KUALA LUMPUR: The Ministry of Finance (MoF) today reiterated and reminded the public to take advantage of various initiatives provided by the government to help the people rebuild their livelihoods, post-pandemic.
According to the ministry, the initiatives that have been announced included extending the application period for the Financial Management and Resilience Programme (URUS) from Jan 31, 2022 to March 31, 2022 for B50 (Bottom 50 per cent income group) who are still in need of assistance and support to repay their respective loans.
"Among the benefits of the programme are exemption of interest or profit rate for loans for three months and/or defer payments or instalments in line with the borrowers' ability, and support in terms of the borrowers' financial management empowering strategy.
"Eligible B50 customers include individuals who, among others, earn a gross household income of RM5,880 and below; have lost their jobs; or experiencing a reduction in income of at least 50 per cent," it said.
For the Small and Medium Enterprises (SMEs) and Micro Enterprises that are facing business financing problems with financial institutions, the MoF said the Credit Counselling and Debt Management Agency (AKPK) offers free services covering existing loan restructuring or rescheduling assistance, including financing with more than one bank.
Besides that, under Budget 2022, to help SMEs rebuild their business post-pandemic, various initiatives have already been started, the ministry said.
"To help SMEs recover and expand while managing their debt level, a fund totalling RM1 billion is provided for the Business Recapitalisation Facility (BRF).
"SMEs from all sectors of the economy are eligible to apply for financing of up to RM5 million for capital expenditure or working capital, with financing period of up to 10 years.
"Those interested can apply directly from any banks regulated by Bank Negara Malaysia (BNM)," it said.
The government also provides the Low Carbon Transition Facility (LCTF) whereby some RM2 billion has been allocated, that is, RM1 billion from BNM, with matching grants totalling RM1 billion from financial institutions, said the MoF.
According to the ministry, this facility is provided to encourage the SMEs adopt sustainable practices to build business resilience and to help Malaysia achieve its net-zero emission target by 2050.
SMEs from all sectors can apply for funding of up to RM10 million with financing period of up to 10 years, and those interested can apply directly from any banks regulated by BNM, it added.
The government will continuously monitor the situation and the MoF specifically will always be ready to provide sufficient allocation to help the people and businesses recover as soon as possible, the MoF said.
-- BERNAMA