KUALA LUMPUR – The Yang di-Pertuan Agong has decreed that all parties should continue directing its efforts to implementing economic reforms and improving competitiveness to ensure the nation’s inclusive and sustainable economic growth.
In a statement issued by Comptroller of the Royal Household Major General Datuk Indera Zahari Mohd Ariffin today, His Majesty Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah expressed his gratitude for the iTekad social finance programme.
“So far, the iTekad initiative, which has received the support of 11 financial institutions and nearly 60 implementation partners, has benefitted 3,000 low-income microentrepreneurs, including those from the underprivileged community.
“His Majesty and Raja Permaisuri Agong Tunku Azizah Aminah Maimunah Iskandariah hope that the nation’s economy will continue to grow.”
This comes after the King was briefed on the nation’s current economic progress by Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour and his deputy Datuk Jessica Chew Cheng Lian at the Istana Negara yesterday.
iTekad is a patron programme created by BNM with the aim of helping low-income micro-entrepreneurs strengthen financial management and business intelligence towards generating continuous income.
“His Majesty was informed about the Malaysian economic state which grew at a rate of 4.2% in the first half of 2023 despite facing declined global economics and trades.
“This growth was supported by solid household spendings following improvements in the employment market and better income alongside the implementation of new and existing investment projects.
“His Majesty was also made aware that the unemployment rate has dropped to 3.5% in June while overall and core inflation continue to decline in the second quarter of this year.”
The ruler was also briefed on the growth of the Islamic finance sector, which has contributed to the nation’s economic and socioeconomic performance. – September 2, 2023