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KUALA LUMPUR: The government's commitment to drive inclusive and sustainable growth through 2022 Budget will strengthen Malaysia's economic resilience and rebuild market confidence, banking executives said.
AMMB Holdings Bhd group chief executive officer Datuk Sulaiman Mohd Tahir said the budget had been crafted in support of the rakyat and businesses.
Sulaiman said the 2022 Budget also focused attention on the development of new shoots of growth, improving resilience, as well as ensuring sustainable growth amidst what is still a very challenging and volatile economic environment.
Citing an example, he said the Syarikat Jaminan Pembiayaan Perniagaan (SJPP) scheme had aided thousands of Malaysian SMEs.
"AmBank is pleased to be part of the government's continued support for SMEs who are the backbone of the Malaysian economy through the additional RM10 billion guarantee that will certainly catalyse domestic growth. We are confident SMEs will be able to capitalise on this assistance and contribute to the economy," he said in a statement.
As an SME-focused bank, Sulaiman said the bank is conscious of the imperative need for SMEs to accelerate adoption of digitalisation.
"To this end, the government's allocation of RM45 million for the transformation towards Industry 4WRD is timely and necessary. In tandem, the 2022 Budget's emphasis on ESG and in particular the clarion call for all Bursa Malaysia listed companies to appoint at least one woman to their board of directors is most certainly progressive and laudable," he added.
RHB Banking Group managing director and chief executive officer Datuk Khairussaleh Ramli said the bank welcomed the expansionary nature of the 2022 Budget, which provides much support for vulnerable groups impacted by Covid-19.
Khairussaleh said it was encouraging to see the various measures addressing the plight of the B40 segment as well as continued support for key economic sectors.
"The focus on consumer discretionary spending, coupled with the higher allocation for development as well as capital expenditure by the non-financial public corporations, will be positive for the infrastructure-related segment of the economy.
"This would result in large multiplier effects on economic activity. We also applaud the drive towards sustainable practices, through increased diversity in the workplace and empowering women in building a more robust economy post Covid-19, as well as the country's aspiration towards becoming carbon neutral by 2050," he added.
Source: https://www.nst.com.my/business/2021/10/741487/2022-budget-strengthen-malaysias-economic-resilience-and-rebuild-market