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Sunday, March 29, 2020

NCCIM: Recovery could take a year, post Covid-19 aid needed

KUALA LUMPUR (Bernama): The government’s enhanced financial assistance and reliefs are much needed not only for now but also for post Covid-19 recovery as it is likely to take at least six-12 months from containment, stabilisation and recovery before people and businesses return to normalcy, says the National Chamber of Commerce and Industry of Malaysia (NCCIM).
It also said the proposed wage subsidy under the RM250bil Pritihan Rakyat Economic Stimulus Package given to the employers should have a higher amount given, with no conditions attached.
“Both large companies and SMEs (small and medium enterprises) are currently struggling for sales, revenue and profitability, which was aggravated by the movement control order (MCO), ” it said in a statement Monday (March 30).
Companies that had already suffered lower sales would face cash flow problems, particularly for business operating in non-essential services that have to be closed under the MCO period. It added.
Even businesses that appear to be in good financial shape may not be immune, depending on how the situation progresses and how long it takes for demand and supply to return to normalcy.
“Acute cash flows and the collapse in revenue would push many businesses to the brink of bankruptcy, and hence cause massive layoffs and job reductions, ” it added.
Thus, the NCCIM has appealed to the government for post Covid-19 support as well.
“NCCIM will continue to actively liaise and engage with the government and relevant ministries to pursue the issues and matters concerning the survival of the business community to support the economy.” – Bernama

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