On 5 June 2020, Prime Minister Tan Sri Muhyiddin Yassin unveiled a stimulus package of RM35 billion in the Government’s Short-term Economic Recovery Plan (ERP) that aims to help the economy recover from the impacts of the COVID-19 pandemic and the subsequent Movement Control Order (MCO) and Conditional Movement Control Order (CMCO). Out of this, RM10 billion will be in the form of direct fiscal injections by the Government.
The ERP, or Pelan Jana Semula Ekonomi Negara (PENJANA), was established with three main thrusts: to empower the people, to propel businesses and to stimulate the economy. The key features of PENJANA are expected to benefit the accountancy profession and its stakeholders, as well as our larger agenda of sustainable nation building. Please refer to the booklet HERE for details of the 40 initiatives under PENJANA.
We are pleased to note that some of our proposals to the Government on post-MCO measures to build capacity and ensure business continuity and socioeconomic wellbeing have been taken up under PENJANA as follows:
As a regulatory body, MIA fully supports and adheres to the Government’s policies and announcements. In addition, MIA welcomes the Government efforts to enhance oversight and regulation for good governance and socioeconomic revitalisation.
This includes the Government’s pending introduction of a COVID-19 Temporary Measures Act to minimise disruption to social and economic well-being and to provide relief from certain contractual obligations and financial distress for the revival of the economy. The Institute has been and continues to be proactive in providing feedback on the constraints of existing laws that are prohibiting members from meeting ongoing obligations due to the COVID-19 pandemic and its containment measures. The said Bill is expected to be tabled at the Parliament in July 2020.
MIA also welcomes the oversight of the PENJANA talent and jobs initiatives by Jawatankuasa Khas Pekerjaan Nasional, which will be chaired by the Finance Minister and the Human Resource Minister with representation from relevant stakeholders in the private and public sectors. As the developer of the accountancy profession which plays a key role in the economy and nation building, MIA looks forward to sharing further insights and recommendations for capacity building and innovation in the jobs and talent development space.
Click HERE for the Prime Minister’s speech.
MIA continues to offer support through its various digital channels, including e-updates, e-Accountants Today and Social Media which provide essential resources, updates and guidance, including relevant information pertinent to our members and stakeholders. Members are also encouraged to engage with the Institute via the MIA Telegram Channel. To join in the MIA Telegram Channel, please download Telegram using the Android Google Play or Apple Play Store to set up an account. Once the account is set up, please click on this link to join the MIA Telegram Broadcast (Official) channel.
#STAYSAFE #ACCOUNTABILITY #INTEGRITY
Dr Nurmazilah Dato’ Mahzan
Chief Executive Officer