AmBank: 2023 Budget Aims to Strengthen Foundations to Drive Socio-Economic Development

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Group CEO of AMMB Holdings Bhd, Datuk Sulaiman Mohd Tahir, said the government’s establishment of a RM10 billion fund through Bank Negara to support automation and digitalization of SMEs as well as tourism and tourism sectors. agriculture is indeed timely and necessary. — Photo by Yusof Mat Isa

Saturday, October 08, 2022 1:02 PM MYT

KUALA LUMPUR, Oct. 8 — With a focus on economic recovery and fiscal responsibility, the 2023 budget aims to strengthen the foundations to boost the country’s socio-economic development and indeed reflects the government’s commitment to good -being of the population.

Group Managing Director (CEO) of AMMB Holdings Bhd (AmBank), Datuk Sulaiman Mohd Tahir, said this goes hand in hand with ensuring Malaysia’s stability despite the continuing headwinds in the current economic landscape.

“AmBank is pleased to contribute to the government’s continued support for the growth of small and medium-sized enterprises (SMEs), which are key contributors to Malaysia’s economy.

“SMEs will certainly benefit from increased allowances and incentives, namely Semarak Niaga Keluarga Malaysia 2023, to RM45 billion encompassing direct loans, alternative financing and financial guarantees,” he said in a statement today.

At the same time, he said, by creating better access to finance for SMEs, Syarikat Jaminan Pembiayaan Perniagaan will increase the guarantee limit up to RM9 billion for SMEs, which will help increase the contribution to the Malaysian economy.

Furthermore, the initiative to reduce the taxable income of micro-SMEs certainly bodes well, especially in this challenging environment where many businesses are still recovering from the pandemic and are struggling with cash flow issues, said Suleiman.

To continue unlocking growth potential and transforming into future-ready businesses, he said it was also vital that SMEs embrace digitalization while tapping into high-potential sectors.

In this light, he said the government’s establishment of a RM10 billion fund through Bank Negara to support the automation and digitalization of SMEs as well as the tourism and agriculture sectors is indeed timely. and necessary.

He added that as environmental, social and governance (ESG) standards continued to gain prominence internationally, the allocation of RM1 billion under the Low Emission Transition Finance Fund carbon for SMEs will help build business resilience and sustainability while contributing to Malaysia’s aspirations towards a clean economy. zero emissions.

Meanwhile, CEO of Affin Bank Bhd, Datuk Wan Razly Wan Abdullah, is of the opinion that the 2023 budget is expansionary, well-balanced and aims to maintain the momentum of the country’s economic recovery from Covid-19 against the backdrop of the sluggish global economic growth and other external headwinds.

The more comprehensive and expanded direct cash assistance totaling RM10 billion under Bantuan Keluarga Malaysia and Jabatan Kebajikan Masyarakat will enable the targeted group to meet their most urgent needs based on priorities, while creating impact multipliers in the local economy, he said. .

“We applaud the government’s allocation of RM200 million which will among other things be used to promote and market our tourism industry, especially as international travel is expected to increase with the reopening of borders around the world.

“The growth of our tourism industry will in turn drive greater demand for our local goods and services,” he said.

The various aids to SMEs will further bolster their ongoing recovery efforts and ensure their place in the mainstream of socio-economic developments, he noted.

He added that Affin Bank remains confident in the resilience of the Malaysian economy in the face of all challenges and will continue to play its part in helping to maintain a vibrant business environment which will form the basis for more sustainable economic growth. — Bernama

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