Budget 2020: PH government focuses on the critical needs of the people

KUALA LUMPUR 11 OCT:- The theme of the Budget 2020 “Driving Growth and Equitable Outcomes Towards Shared Prosperity” announced by the Minister of Finance Lim Guan Eng (Friday) was the second for Pakatan Harapan since the coalition took power in 2018.

The government is committed to bring stability to its finances and achieving the goal of Vision 2020 with a new growth trajectory under the foundation of “Shared ProsperityVision 2030” initiated by Prime Minister, Tun Dr. Mahathir Mohamad.

Under the Bumiputera Agenda, the government will continue to support strategic projects through financing programmes under Bank Pembangunan Malaysia Berhad offering a 2% interest subsidy per annum via:-

Sustainable Development Financing Fund size increased from RM1billion to RM2 billion; secondly the RM1billion Maritime and Logisticss Fund and thirdly the RM2 billion Industry Digitalisation Transformation Fund will now support the implementation of connectivity projects.

PH government will provide RM100 million for small business loans (Program Pembiayaan Usahawan Perusahaan Kecil Komuniti Cina) for the Chinese community via Bank Simpanan Nasional at an interest rate of 4%.

For Indian entrepreneurs,the government will provide RM20 million under TEKUN National Skim Pembangunan Usahawan Masyarakat India (SPUMI) which is expected to benefit 1,300 entrepreneurs at an interest rate of 4%.

To support Bumiputera entrepreneurs, development grants amounting RM445 million will be provided in terms of access to financing provision of business premises and entrepreneurial training.

The 2020 Budget also allocates RM810 million for the welfare of FELDA Community. Firstly – RM20 million for income enhancement programme benefitting 11,000 settlers, secondly RM300 million to write off the interest of the settlers’ debts, thirdly RM100 million for FELDA water supply projects; fourthly RM70 million for housing the new generation of FELDA settlers and fifth RM90 million for upgrading of FELDA roads and basic infrastructure.

 The government has increased the allocation to the Ministry of Agriculture from RM4.4 billion in 2019 to RM4.9 billion in 2020 with special focus towards enhancing the incomes of farmers.

The PH government has proposed to increase fishermen allowance from RM200 to RM250 per month with a total allocation of RM152 million for 2020.

The budget also allocates RM30 million for the production of glutinous rice in Langkawi Island which will benefit 1,200 farmers.

An allocation of RM11 million is made for the initiatives set by the Ministry of Education in collaboration with the Ministry of Environment, Science, Technology and Climate Change (MESTECC) to inculcate the Science Technology and Innovation (STI) culture and encouraging more students into the fields of Science, Technology , Engineering and Mathematics (STEM).

For the Visit Malaysia Year (VMY) 2020 the government has allocated RM1.1 billion to the Ministry of Tourism, Arts and Culture including an allocation of RM90 million to drive awareness, promotions and programmes for VMY 2020 campaign.

Besides that an allocation of RM25 million will be given to the Malaysian Healthcare Tourism Council (MHTC) to strengthen the position of Malaysia as the preferred destination for health tourism in ASEAN for oncology, cardiology and fertility treatment.

The government will launch the Malaysian@Work initiative aimed at creating better employment opportunities for youth and women and reducing the over dependence on low skilled foreign workers.

The initiatives amongst others include hiring of graduates who have been unemployed for more than 12 months. The graduate who secures work will receive a wage incentive of RM500 per month for two years while employers receive a hiring incentive up to RM300 per month for each new hire for two years.

Meanwhile under Women@Work seeks to create 33,000 job opportunities per year for women who have stopped working for a year or more.between 30-50 years old. The wage incentive for returning women workers is RM500 per month for two years and a corresponding hiring incentive for employers up to RM300 per month for two years. Besides the current tax exemption for women who return to work after a career break is extended for another four years until 2023.-Malaysia World News

 

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