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Malaysia Announces Additional E-wallet Credit Amid Economic Growth

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BNN Correspondents
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Malaysia Announces Additional E-wallet Credit Amid Economic Growth

Malaysia's Prime Minister, Datuk Seri Anwar Ibrahim, has announced an additional RM100 one-off e-wallet credit for Malaysian citizens aged 21 and above with an annual income below RM100,000. The redemption of the credit is set to commence on December 4 and will run until February 20, 2024, through four yet-to-be-announced e-wallet service providers. This initiative is part of the eMADANI program, which is expected to benefit 10 million individuals, costing the government RM1 billion.

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A Continuation of Successful E-cash Programs

This generous initiative follows the success of previous government e-cash programs. Anwar highlighted how these programs have had a positive impact on the community, particularly those in the B40 and M40 income categories. The eMADANI program aims to further this success, leveraging digital wallets to distribute aid directly to eligible Malaysians.

Impressive Economic Performance

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In addition to the eMADANI program, Anwar also took the opportunity to highlight Malaysia's economic progress. He reported a GDP growth of 3.3% in the third quarter of 2023, an improvement over the 2.9% growth in the second quarter, and a cumulative growth of 3.9% over the first nine months of 2023. This growth has been accompanied by a decrease in inflation to 1.8% as of October 2023 and a reduction in unemployment rates to 3.4% by September 2023, nearing pre-COVID-19 levels.

Securing Investments and Exceeding Targets

Moreover, the Prime Minister emphasized Malaysia's success in securing RM347 billion in investment commitments from countries like China, Singapore, Japan, South Korea, UAE, Saudi Arabia, and the United States during official visits and trade and investment missions. The government has also approved investments worth RM132.6 billion, surpassing the target for the first half of 2023.

According to Anwar, these achievements are a testament to the government's strict governance policies, including the recently passed Public Finance and Fiscal Responsibility Bill. The Prime Minister voiced his commitment to further strengthening Malaysia's economy and improving the welfare of its citizens, with the eMADANI program being a central part of this mission.

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