Singapore banks to extend debt relief for struggling borrowers

“We want to continue providing relief to borrowers facing cash-flow challenges while encouraging them to resume loan repayments to the extent they are able to, so that they do not accumulate too much debt, ” MAS managing director Ravi Menon said in the statement.

SINGAPORE: Singapore banks will extend debt relief for individuals and small-to-midsized businesses beyond the end of the year to support borrowers hardest hit by the coronavirus pandemic.

The measures, set to expire on Dec 31, will now progressively end over 2021, the Monetary Authority of Singapore (MAS) said in a statement. The extended programme will be tiered so those businesses needing the most help – such as aviation and tourism – can defer 80% of their principal repayments for as long as June 30, the regulator said.