PM urges banks to continue helping SMEs
Prime Minister Anwar Ibrahim says S&P maintaining Malaysia’s sovereign credit rating at ‘A-’ shows the country’s economy is on the right track following various efforts taken to support growth momentum and reduce inflationary pressure. – The Malaysian Insight file pic, June 30, 2023.
“I am satisfied with the commitment shown by banking institutions to help the people and SMEs,” Prime Minister Anwar Ibrahim, who is also finance minister, said in a press statement today. He also reminded the banking industry that they play an important role in driving post-pandemic economic growth, especially in helping borrowers who are still affected and have difficulty moving on with their lives.
Anwar said the banking industry needs to continue to support the development of micro-entrepreneurs, especially the vulnerable, through initiatives such as i-Tekad which offers start-up capital and micro-financing by using a combination of funds from financial institutions and social finance funds such as zakat.
“I also call for the banking industry to bring fresh ideas in maintaining Malaysia as a global leader in Islamic finance as well as building the strength of the E&E sector,” he added. S&P on Tuesday explained the rationale for maintaining the rating was driven by Malaysia’s strong external position and the flexibility of its monetary policy, as well as a rapid rate of economic growth compared to its peers. Meanwhile, the stable outlook reflects the strength of the country’s growth momentum as well as the strength of its external position for the next two years.
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