Malaysians have been urged to avoid using Buy Now Pay Later financing for basic necessities.
The Communications Ministry says while using credit for larger purchases is acceptable, the trend of consumers relying on BNPL for daily essentials is concerning.
As such, officials are monitoring the situation to ensure the public does not become overly burdened by debt.
Meanwhile, the ministry also encouraged Malaysians to support local products to spur business growth through e-commerce.
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The government will soon unveil additional measures to support those struggling to find jobs.
The Prime Minister says this includes unemployed graduates and diploma holders.
He adds that this is needed, even though the country’s unemployment rate is at its lowest in a decade.
Earlier, the PM also announced an additional five billion ringgit allocation under the SJPP scheme to help Micro, Small and Medium businesses affected by the Middle East crisis.
The move brings the total facility to ten billion ringgit.
He adds that the Central Bank will provide further details in the near future.
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Separately, the government is intensifying measures to control the supply and prices of goods.
This, as part of efforts to safeguard the local market from inflation due to the global energy supply crisis arising from the Iran war.
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Speaking of the war...the International Maritime Organization is working on an evacuation plan for hundreds of ships that have been stuck in the Persian Gulf.
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