Address low take-up of loans to kick-start economy, urges think-tank

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The think-tank welcomes financial measures to encourage businesses to hire unemployed workers, especially youths.PETALING JAYA: A think-tank has lauded the initiatives in the government’s RM35 billion Short-Term Economic Recovery Plan (Penjana) in addressing the staggering unemployment rate and slowdown in the Malaysian economy. The Institute for Democracy and Economic Affairs (IDEAS) said the third stimulus package announced under Prime Minister Muhyiddin Yassin’s administration was timely. Muhyiddin introduced an extension to the original wage subsidy programme, by adding another RM5 billion. However, IDEAS said finance ministry data showed that only RM3.22 billion out of the total RM13.8 billion previously allocated under the Prihatin economic stimulus package had been approved by the end of May. It questioned the low take-up rate, raising concerns over the efficiency of approv…