Post by : Shakul

The Terengganu state government has announced Phase 1 of its Economic Stimulus Action Plan aimed at reducing the impact of the ongoing global supply crisis on businesses, farmers, and local industries. The initiative focuses on strengthening economic resilience and providing direct support to vulnerable sectors across the state.

Terengganu Menteri Besar Ahmad Samsuri Mokhtar said the new measures are designed to support micro, small and medium enterprises while also helping agricultural communities maintain stable production during uncertain global economic conditions. He explained that the government is prioritising economic sustainability and food security through targeted financial assistance.

One of the key initiatives under the plan is a seven-month moratorium for borrowers under the Terengganu Sejahtera Entrepreneur Fund Scheme. The moratorium will run from June until December 2026 and is expected to benefit 783 borrowers. The total deferred repayment amount is estimated at RM2.1 million.

The state government also announced an additional RM2 million allocation for the entrepreneur fund in 2026 to ensure that more small business owners can access financial assistance. Officials said the move is expected to help local businesses manage rising operational costs and economic uncertainty.

Support measures have also been introduced for the agricultural sector. Around 400 borrowers under the Agricultural Capital Assistance Scheme will receive a repayment moratorium from May 2026 until April 2027. The programme involves deferred repayments worth approximately RM2.9 million.

Rice farmers across Terengganu will also receive production incentives under the new stimulus package. Farmers will be given RM100 for every metric tonne of rice produced, while those producing more than 10 metric tonnes can receive incentives of up to RM1,000. A total allocation of RM3 million has been prepared to benefit more than 4,500 rice farmers in the state.

In addition to financial assistance, the state government plans to review construction material price schedules to help contractors cope with fluctuating building costs. Authorities also said they will focus on implementing small-scale but high-impact development projects that can quickly stimulate economic activity and create local opportunities.

Ahmad Samsuri added that the Terengganu government will continue reviewing the 2026 state budget to ensure spending priorities remain aligned with economic recovery efforts and the changing needs of businesses and communities throughout the state.

#Asia News #Malaysia News #Economy #Business