BUSINESS

BUDGET 2024: CIMB, RHB LAUD GOVT'S FOCUS ON DRIVING SUSTAINABLE ECONOMIC GROWTH

14/10/2023 12:55 AM

KUALA LUMPUR, Oct 13 (Bernama) -- CIMB Group Holdings Bhd has acknowledged the government’s continued focus on driving sustainable economic growth through Budget 2024.

The bank said the budget forms a strong foundation towards achieving Malaysia’s long-term goals of safeguarding the rakyat’s well-being and strengthening the country’s business ecosystem within an increasingly volatile global macroeconomic environment.

In a statement today, group chief executive officer Datuk Abdul Rahman Ahmad said in accelerating economic growth, the bank was encouraged to see measures to support micro, small, and medium enterprises (MSMEs) as well as supporting the start-up ecosystem.

“These include, among others, RM2.2 billion in total funding support for MSMEs to automate business processes, digitalise their operations, and increase their international footprint.

“In addition, we laud the focus on environmental sustainability and food security with specific allocation for MSMEs that operate within these two crucial areas. This will help support their growth and resilience, and subsequently futureproof the socioeconomic well-being of all Malaysians,” he said.

As a leading Islamic finance player, Abdul Rahman said CIMB also supports the government’s focus on driving more active market participation as well as equitable distribution of wealth among the rakyat through value-based intermediation (VBI).

“With the ongoing efforts by the financial industry to combat scams, we welcome the government’s continued commitment to combat financial scams by doubling the allocation to the National Scam Response Centre (NSRC) to RM20 million and the establishment of the National Fraud Portal (NFP) that will expedite the process of freezing and repatriation of funds.

“CIMB remained committed to undertaking all necessary measures to further support and strengthen banking security and work together with the relevant authorities and our customers to combat scams collectively,” he said.

Abdul Rahman noted that the announced budget suitably balanced fiscal responsibility with supporting growth and meeting the rakyat’s needs.

Accordingly, CIMB is committed to collaborating with stakeholders across the private and public sectors and civil society in supporting the ambitions set out in the Madani Budget 2024 to create an inclusive and resilient economy that will help all Malaysians to thrive in an ever-challenging landscape, he added.

Meanwhile, RHB Banking Group managing director/group chief executive officer Mohd Rashid Mohamad commended the expansionary focus of Budget 2024.

He said the budget promised essential support for strengthening the economy, enhancing business competitiveness, elevating the rakyat’s living standards, and maintaining fiscal prudence and this commitment aligns well with the improving global economic momentum expected in the coming year.

“The government’s steadfast dedication in striking a balance between economic development and fiscal sustainability is noteworthy. This approach will ensure that the nation will prosper while safeguarding financial stability.

“The goal of transforming the nation into an Islamic investment hub is also a commendable move as it will attract investments to stimulate economic growth and is well aligned with the theme of ‘Economic Reformation, People Empowerment’,” he said.

On another note, Mohd Rashid said the bank will support the government’s aspirations under the National Energy Transition Roadmap (NETR) towards net carbon zero emissions by 2050.

“We will continue to play a significant role in elevating the nation’s economic growth and development, particularly the growth of SMEs, and driving financial inclusivity among the underserved segments by providing access to financial services that are digitally secure and nimble,” he added.

-- BERNAMA


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