PETALING JAYA: The Entrepreneur Development and Cooperatives Ministry (Medac) has prepared the Entrepreneur and Cooperative Recovery Plan to assist entrepreneurs affected by Covid-19.
Its minister Datuk Seri Wan Junaidi Tuanku Jaafar (pic) said the recovery plan outlines six key strategies to support the stability of the entrepreneurial ecosystem, revitalise entrepreneurs’ business operations in the near future and ensure entrepreneurs remain competitive and sustainable.
He added that the plan was presented at the Cabinet meeting on May 6 and also said that it contains 30 programmes that will be implemented in two phases.
These two phases are the immediate measures which start from May to December 2020 and the medium term, which will be from January to May 2021.
"In this regard, an estimated RM452.8mil is allocated to benefit 21,847 recipients including micro-entrepreneurs, medium-sized enterprises, social entrepreneurs, startups and cooperatives," said Wan Junaidi in a statement Wednesday (May 27).
He said the first phase will run from May to December 2020 and require an allocation of RM230.1mil, of which RM175.79mil is for implementing six new programmes and 10 existing programmes that will utilise existing Medac allocations and agencies.
The additional RM54.31mil is needed to implement 14 new programmes.
Wan Junaidi added that the second phase from January to May 2021 requires an allocation of RM222.69mil to cover 19 new programmes and 11 existing programmes.
He said that the application for the allocations for the second phase have been submitted by the ministry and its agencies to the Economic Planning Unit.
"The ministry is also working with the Finance Ministry on the development of the Covid-19 Post-Economic Recovery Plan."
Wan Junaidi said the current and future initiatives are in line with the government’s policy of ensuring that the people, especially entrepreneurs, receive the support of Medac so that their business operations can operate normally during the implementation of the conditional movement control order (MCO) nationwide.
"Medac is a member of the SME Recovery Support Working Group will also focus on short and medium-term strategies and initiatives to rehabilitate affected entrepreneurs and accelerate the country’s economic growth," he said. - Star
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