Kuala lumpur: Prime Minister Datuk Seri Anwar Ibrahim announced special facilities totalling RM5 billion to assist micro, small, and medium enterprises (MSMEs) facing the impact of the West Asia crisis. Anwar said details of the special facilities under Bank Negara Malaysia (BNM) would be announced in the near future.
According to BERNAMA News Agency, Anwar, who is also the Finance Minister, stated that this facility 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 to a press conference after a roundtable session with 20 representatives of financial institutions today. Present at the session were Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour and Treasury secretary general Datuk Johan Mahmood Merican.
Anwar had previously announced a guarantee allocation of RM5 billion under the SJPP to alleviate the pressure on MSMEs following the global energy crisis and the West Asia conflict. The allocation aims to support affected MSMEs in sectors such as construction, agriculture and agri-food, logistics and transportation, and tourism. This will be achieved through financing coverage of up to 80 percent from the previous 70 percent and extending the guarantee period to up to 10 years compared to the previous seven years.
The SJPP scheme remains a key government instrument in aiding the survival of MSMEs, with over 50,000 MSMEs receiving support through financing guarantees exceeding RM50 billion for the period 2023 to 2025. Additionally, the government had previously implemented e-invoice relaxation, extending the transition period for Phase 4 e-Invoice implementation until December 31, 2027, for businesses with annual sales between RM1 million and RM5 million. This includes permission to issue consolidated e-invoices without penalty during that period.
Moreover, the government is 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 December 31.