Malaysia to roll out RM500 million support for SMEs
The Malaysian government is set to channel some RM$500 million (US$11.94 million) to help SMEs through the pandemic.
Commencing from September 21, the disbursement is part of the Prihatin Special Grant (GKP) 4.0 and will be rolled out twice, once in September, and another in November. It is expected to benefit over 1 million recipients.
“I hope that this aid will be able to revive the SME sector, which happens to be the engine of economic growth for the Malaysian Family,” said Malaysian Prime Minister Ismail Sabri Yaakob in a statement.
“The government will give priority to industry players because they have been among the sectors most affected during the pandemic,” he added. “With this aid, it is hoped that small businesses such as food stalls, barbers, workshops, and cake shops will be able to reduce their burden.”
So far, some RM6.08 billion (US$1.45 billion) has been channelled to the SMEs under the GKP since the onslaught of the pandemic. The aid will be channelled directly to the respective bank accounts registered under the GKP.