KUALA LUMPUR: A RM100 ewallet credit will be given to Malaysian adults who earn less than RM100,000 annually, says Prime Minister Datuk Seri Anwar Ibrahim.
He added that RM1bil had been allocated for this purpose.
“The number of eligible recipients is estimated to be more than 10 million, from the B40 and M40 group,” he said at the Securities Commissions Malaysia headquarters here on Thursday (July 27) when launching the Madani Economy: Empowering the People economic framework.
More details on the ewallet credit initiative will be revealed soon.
“The success of the eBeliaRahmah (eBR) programme not only benefitted two million youths, it also helped the business sector generate income aside from creating a cashless society.
“Seeing the success of that ewallet credit programme, the government agrees to offer a RM100 ewallet credit to adults,” said Anwar.
Anwar also said special appreciation welfare assistance of RM300 will be given to civil servants below Grade 56 and RM200 to civil service retirees, which also includes those who have not received their pensions.
“This special assistance will benefit 1.3 million civil servants, including contract appointments, as well as more than one million retirees,” he added.
Anwar said the Madani Economy narrative is to empower the government, NGOs, the private sector and Malaysians themselves.
“Beginning now, all ministries will announce specific plans to strengthen the Madani Economy narrative," he said, adding that his main priority is to rebuild the nation’s fiscal capacity.
“We are all aware of the nation’s present debt situation. If there are no reforms, we will be facing a very serious crisis that could affect the country’s structure,” he said.
Tax revenue alone is not enough to sustain operational costs and the government has to take loans to spend on development, he added.
“Tax revenue on the gross domestic product (GDP) has reduced to about 12% of GDP, which is the lowest in (the region).
“We have also spent a lot on various subsidies and it has benefitted those who are not in the target groups.
“We need a more efficient targeted subsidy mechanism so that our limited revenue can be spent on those who really need it,” he said.
Despite the needed economic reforms, Anwar said the government will never neglect the welfare of Malaysians challenged by the cost of living.
“We will continue helping those who are in need," he said.