Loan repayment deferred

  • Nation
  • Thursday, 26 Mar 2020

PUTRAJAYA: The deferment of loan repayment and two other measures to help individuals and businesses weather the effect of the movement control order (MCO) involves at least RM100bil.

This follows the announcement that individuals and small and medium enterprises have been given a six-month reprieve on the repayment of their loans which include mortgages and hire purchases.

Apart from this, credit card holders can choose to convert outstanding balances into term-loan.

Prime Minister Tan Sri Muhyiddin Yassin said the corporate sector could discuss with the banks to restructure their loan repayment that was suitable for their business.

“This is important so that companies can continue to afford to retain employment and carry out their business activities the soonest,” he said in a statement yesterday.

Muhyiddin said the government was aware that not only had Covid-19 caused health concerns among the people, the MCO, too, had affected them financially.

“The public, from entrepreneurs and farmers to fishermen and paid daily wages, are concerned about their finances, particularly how to make loan repayments.

“The government is studying various measures that can ease the burden of the people and we will launch another economic stimulus soon,” he added.

Muhyiddin had earlier said a more comprehensive stimulus package would be unveiled on Monday that would offer mid-term measures to strengthen the economy.He said the measures would help strengthen the economy and give a sense of guarantee to the lives of the people.

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