Anwar announces additional RM5b financing support for MSMEs hit by West Asia crisis

Prime Minister Anwar Ibrahim announced special facilities totalling RM5 billion to assist micro, small, and medium enterprises (MSMEs) impacted by the West Asia crisis.

He said details of the special facilities under Bank Negara Malaysia (BNM) would be announced in the near future.

Anwar, who is also the finance minister, said this complements the additional RM5 billion guarantee under the Syarikat Jaminan Pembiayaan Perniagaan (SJPP), which was announced yesterday specifically to support affected MSMEs.

He was speaking at a press conference after a roundtable session with 20 representatives of financial institutions today.

Also present at the roundtable session were Bank Negara Malaysia governor Abdul Rasheed Ghaffour and Treasury secretary general Johan Mahmood Merican.

Anwar yesterday announced RM5 billion under the SJPP to ease the pressure on MSMEs following the global energy crisis and the West Asia conflict.

The allocation is to support affected MSMEs, including in construction, agriculture and agri-food, logistics and transportation, and tourism, through financing coverage of up to 80 percent from 70 percent previously and a guarantee period of up to 10 years compared to seven years.

The SJPP scheme continues to be one of the government’s main instruments in supporting the survival of MSMEs, with more than 50,000 MSMEs being assisted through financing guarantees exceeding RM50 billion for the period 2023 to 2025.

Previously, the government implemented e-invoice relaxation with an additional transition period of 12 months for the implementation of Phase 4 e-Invoice until Dec 31, 2027, for businesses with annual sales between RM1 million and RM5 million, including permission to issue consolidated e-invoices without penalty during that period.

The government is also considering, on an interim basis, the exemption of import duty and sales tax on the re-importation of Malaysian-made goods that are unable to complete the export process due to conflict disruptions until Dec 31.

- Bernama

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