Mat Hasan: Financial aid must reach B40, M40 in critical zones

 

Umno Deputy President Mohamad Hasan has called on the Perikatan Nasional (PN) government to ensure financial assistance reaches B40 and M40 groups who are increasingly under pressure, especially those in enhanced movement control order (EMCO) or conditional movement control order (CMCO) areas.

The Rantau assemblyperson cited the Malaysian Institute of Economic Research (MIER) which in its latest report had lowered its projected gross domestic product (GDP) for 2020 to -5.5 percent.

He said the decline in these projections was based on the significant decline in the economic growth rate in the second quarter at -17.1 percent, the resurgence of Covid-19 cases, and the subsequent re-implementation of the MCOs.

"As a result, I hope the government will consider additional financial assistance to the B40 and M40 groups who are increasingly burdened.

"The country's previous economic stimulus package has proven to be successful in easing the burden of the people and ensuring business cash flow, but it has ended at this critical time," he said in a Facebook post this afternoon.

Tinjauan Ekonomi 2020-2021 MIER Institut Penyelidikan Ekonomi Malaysia (MIER) dalam laporan terbarunya telah...

Posted by Dato’ Seri Utama Haji Mohamad Bin Haji Hasan on Tuesday, October 27, 2020

B40 and M40 refer to the bottom 40 percent of income earners and the middle 40 percent of income earners in Malaysia.

"The Penjana Program Initiative also needs to be extended, especially for small and medium enterprises (SMEs) in order to retain employees and avoid increasing unemployment," he said.

Sabah, Selangor, Kuala Lumpur, and Putrajaya are currently under CMCO following a surge in Covid-19 cases over the last month.

A number of specific areas within Sabah and Selangor with high numbers have also been placed under the stricter EMCO.

The Sabah CMCO which started on Oct 13 has been extended until Nov 9. The CMCO in Selangor, Kuala Lumpur, and Putrajaya has also been extended to that date.

Mohamad said the third wave of Covid-19 is now expected to delay the country's economic recovery until the first quarter of 2021.

"Therefore, I hope the Malaysian government will step up efforts to revive the economy with a clear and dynamic economic direction," he added. - Mkini