The Malaysian Muslim League has proposed the creation of mechanisms to control and monitor the initiatives under Budget 2024 for micro, small and medium enterprises (MSMEs) to ensure that small businesses will benefit from them.

Its president Datuk Najmudeen Kader said non-governmental organisations (NGOs) and entrepreneurs should also be included in the monitoring committee.

Najmudeen, who is also the Penang Muslim League president said in a statement today the government should provide the control and monitoring mechanisms ‘so that economic growth follows the trajectory of the budget without any leakage’.

Prime Minister Datuk Seri Anwar Ibrahim when tabling the Malaysia MADANI Budget 2024 in the Dewan Rakyat yesterday said the government has allocated RM44 billion in loans and financing guarantees for the benefit of MSMEs next year.

Najmudeen said the facilities can help entrepreneurs especially those from the Muslim Bumiputera community to obtain funds to achieve a balanced economic development, on par with other communities.

A chicken rice seller in Kuala Terengganu, Muhammad Adam Zawawi said the loan facility for MSME entrepreneurs can help support business owners like him.

“…the loan facility can help us to improve our business as we are facing an increase in costs for raw materials and other costs that are out of our control,” he said.

A batik entrepreneur, Wan Farhana Wan Tazilah said she was grateful for the government’s initiative in allocating RM720 million to encourage women and youth to venture into business, adding that she wanted to apply for the loan facility to get more stocks as batik is currently in high demand, especially from civil servants.

Source: BERNAMA News Agency