Malaysia Announces MYR 10 Billion Stimulus Plan for SMEs

Malaysia has announced a MYR 10 billion (USD 2.3 billion) stimulus package to assist small and medium enterprises (SMEs) to lower the impact from the COVID-19 pandemic that threatens to adversely impact Malaysia’s overall economy.

Malaysia’s Prime Minister (PM) Muhyiddin Yassin emphasized the importance of SMEs, which contributes 40% to Malaysia’s economy, adding that it was important to keep the SME sector afloat to counter the prevailing economic challenges.

The highlight of this stimulus package will be the addition of MYR 7.9 billion to increase the wage subsidy to MYR 13.8 billion, applicable for companies with employees earning MYR 4,000 and below. This aims t...