Ministry uses up 85 per cent of allocation to finance entrepreneurs

Datuk Seri Dr Wan Junaidi Tuanku Jaafar

KUCHING, Aug 21:  As of 16 August 2020, the Ministry of Entrepreneur Development and Cooperatives (Medac) has channelled RM530 million or 85 per cent of the allocation to agencies under its monitor for financing entrepreneurship development programs. 

Through the Development Allocation 2020, the Government has allocated a total of RM619.7 million to Medac. This amount also includes the allocation under the Prihatin (Prihatin Rakyat Economic Stimulus Package) and Penjana (National Economic Recvory Plan) Funds.

“This has made MEDAC among the ministries that are ahead in managing the performance of development allocation expenditure, especially to help entrepreneurs that affected by the Covid-19 pandemic,“said Minister of Entrepreneur Development and Cooperatives Datuk Seri Wan Junaidi Tuanku Jaafar in a statement today.

He said the meeting of the Ministry of Development Action Council (MDAC) that he chaired recently has aimed at monitoring and ensuring the implementation of the Ministry’s development programs funded under the Federal Government Development Allocation runs smoothly and efficiently. 

“This measure is also to ensure that the national development agenda, especially those contained in the Dasar Keusahawanan Nasional 2030 can be implemented successfully. 

“In the meeting, I also stated that the implementation of the Medac development program should take into account on the policies related to entrepreneurship such as the Dasar Keusahawanan Nasional 2030, Entrepreneurship Strategic Plan (Pelan Strategik Keusahawanan), Sustainable Development Goals (SDG) 2030 and feedback from entrepreneurs,” said Wan Junaidi.

The Santubong MP further disclosed that Medac has identified several bureaucratic barriers and red tape that are the obstacles to the development of national entrepreneurs, especially in the context of financing to entrepreneurs. 

“The Ministry will continue to ensure that this bureaucracy can be reduced and the agencies presentation services under Medac can be improved.”

In line with the latest developments in Dasar Industri 4.0, Medac will continue to ensure the allocations can be increased to help entrepreneurs especially the micro entrepreneurs and the informal sector, able to adapt automation, mechanisation and digitalisation in business. 

This Medac’s vision also one of the government’s efforts in helping entrepreneurs to deal with the impact of Covid-19 which in turn can boost the country’s economy. 

“Medac is committed to the implementation of development projects that have been planned and approved to ensure the government’s goals in making Malaysia an Excellent Entrepreneurial Nation by 2030,” said Wan Junaidi.— DayakDaily