There’s some good news for those who are bankrupt.
Subscribe to our Telegram channel for the latest stories and updates.
Prime Minister Tan Sri Muhyiddin Yassin yesterday announced People and Economic Strategic Empowerment Programme (PEMERKASA) to boost the local economy.
There was a lot of things that he mentioned during the announcement, focusing on companies, small businesses, the B40, female entrepreneurs, among others.
But for the M40, here’s what they’ll get.
Increase in allocation for micro credit
The government agreed to provide additional funding of 500 million ringgit for micro credit financing facilities through programs under BSN, TEKUN, MARA and SME Corp.
Through BSN, a fund of RM300 million will be provided with financing limit up to RM50,000, with reduced interest rates from 3.5% to 3%.
The loan term is for 5 years and installment payments only start after the sixth months.
Increase in mobile phone subsidies
The government has increased the mobile phone subsidy to Bantuan Prihatin Rakyat (BPR) recipients from RM180 to RM300.
Muhyiddin said that this subsidy is specifically for households with children attending school for purchase of a new smartphone or device.
5G to start by end of the year
Malaysia is edging closer towards 5G as the Prime Minister said that it will be available starting end of this year.
He said that the MyDIGITAL framework and the Malaysian Digital Economy have underlined commercial 5G services as a priority as high speed internet is necessary to spark innovation and new job opportunities in the country’s digital economy.
5G services are expected to operate in stages from the end of this year.Prime Minister Tan Sri Muhyiddin Yassin
Assistance for those who went bankrupt
For individuals who are bankrupt, Muhyiddin said the Malaysian Insolvency Department will facilitate their dealings with the bank to receive government assistance.
Flexibility will be given for individuals to open a bank account online via an email application to the branch the Insolvency Department that administers their case.Prime Minister Tan Sri Muhyiddin Yassin
He also said that any cash assistance which is credited will not suffer any monthly installment deduction.
Ceiling price set for petrol
Muhyiddin said that the retail price of RON95 petrol and diesel is capped at RM2.05 per liter and RM2.15 per liter respectively.
He added that the Government currently subsidises fuel at a rate of almost 30 cents per liter.
This means that the government bears a total subsidy worth 3 billion ringgit according to current prices.Prime Minister Tan Sri Muhyiddin Yassin
Unkempt in both stories and appearance, Hakim loves tech but tech left him on read, previously he used to write about tall buildings and unoccupied spaces that he can't afford, and legend has it that he still can't afford it to this day