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Use state’s RM31bil reserve, says chamber

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Sibu Chinese Chamber of Commerce and Industry Building

KUCHING: Kuching Chinese General Chamber of Commerce and Industry (KCGCCI) secretary-general Jonathan Chai Voon Tok feels that it is acceptable for the state government to utilise its RM31bil reserve in this critical time if the situation warrants such a need.

He said that the prevailing extraordinary situation called for extraordinary measures.

“Even our neighbour, Singapore, was forced to draw as much as SGD17bil from its reserves to finance their stimulus during the Covid-19 outbreak,” he said, noting that the last time it had tapped into its reserves was in 2009 during the global financial crisis.

“I believe our chief minister would think of ways to help businesses, especially the small and medium enterprises (SMEs), even to the extent of drawing up from the state reserves if necessary – knowing that saving businesses will save employment,” he said.

He stressed that it was undesirable to see the closure of businesses causing mass unemployment after the movement control order (MCO), as this would bring along unwanted social problems.

He pointed out that Chief Minister Datuk Patinggi Abang Johari Tun Openg had promised that the state government would come up with additional measures to help businesses, which were expected to be badly affected by the MCO and the deteriorating economy following the Covid-19 pandemic.

“The Associated Chinese Chambers of Commerce and Industry of Sarawak (ACCCIS) wrote a letter to our chief minister on March 31 expressing our concerns on the gravity of the crisis,” he said.

Chai said they had also appealed for the intervention of the state government by coming up with more pragmatic approaches in helping businesses to overcome difficulties faced, especially in relation to payment of employees’ wages during the MCO and the months to come.

While he said the RM250bil People-Centric Economic Stimulus Package (Prihatin) announced by Prime Minister Tan Sri Muhyiddin Yassin was welcome as the first step towards the country’s fiscal approach on the matter, he expressed regret that the package – though people-centric – had missed the mark with insufficient consideration to the needs and problems of the business community.

“Undoubtedly, cash handouts to the rakyat are good in this critical moment, but the rakyat needs continuous employment and income beyond the three months as well,” he emphasised.

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