Malaysia’s economy will have to grow faster, bigger and for this to happen, PM Anwar Ibrahim says it must follow these two focuses under the Madani Economy:
(i) restructuring the economy to the level of Malaysia as an Asian economic leader;
(ii) improve the quality of life for all Malaysians
The seven benchmarks of the Madani Economy are:
First: Malaysia is ranked among the 30 largest economies in
the world;
Second: The Global Competitiveness Index ranks 12th in the world;
Third: The percentage of labor income reaches 45% of the total total income; (note: the 12th RM target is 40% by 2025)
Fourth: The participation rate of women in the labor force reaches 60%;
Fifth: Human Development Index in the world’s top 25;
Sixth: Corruption Perception Index in the world’s top 25; and
Seventh: Fiscal sustainability with a fiscal deficit reaching 3% or
lower.
Points Raise by the PM on the Madani Economy
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The Prime Minister has also announced some long-term policies and medium to continue Malaysia’s growth trajectory.
The Madani Economy Plans Includes:
(i) Government together with GLIC will invest RM1 billion in additional funds to be matched with private funds for support local startups and encourage technopreneurs. This includes ensuring the provision of funds for each phase of the company high growth.
(ii) Improvement of the loan scheme under the Credit Guarantee Company Housing (SJKP) by providing financing guarantees up to 120% of the house price worth up to RM300,000. 120% guarantee will allow all the costs of home ownership to be covered through a loan. This includes the amount of principal financing, legal fees, appraisal fees and insurance and purchase of furniture and remodelling costs. As such, Government guarantees of up to RM5 billion will be provided.
(iii) An additional allocation of RM400 million for micro loans in under agencies including SME Corp, TEKUN, MARA and Teraju.
(iv) The Government agreed to offer an e-cash credit of RM100 to all Malaysian adults with an income of RM100,000 per year and below with the number of eligible recipients estimated to exceed 10 million people, which includes the B40 group and M40 with funds of around RM1 billion.
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