No final decision on loan moratorium yet, says Finance Minister

  • Nation
  • Tuesday, 21 Jul 2020

PETALING JAYA: The government has not reached a final decision on whether the loan moratorium will be extended, says Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

“Regarding the moratorium, we are still in discussions and have not reached a final decision, ” he said.

He was responding to a supplementary question posed by Datuk Seri Saifuddin Nasution Ismail (PH-Bandar Baru Kulim) during the Ministers’ Question Time on Tuesday (July 21).

To another supplementary question by Datuk Seri Ahmad Maslan (BN-Pontian), he said the government was having discussions with the banks to use a more targeted approach in helping people service their loans.

“The moratorium is in effect for six months until September, its allocation amounts to about RM100bil.

“Since the economy has started opening up since May, the rakyat and businessmen are able to generate income and pay back their loans.

“As such, the next steps are to have continued discussions with local banks to provide more targeted aid.

“For example, this may mean extending the loan period, to reduce the instalment amount or to change terms and conditions, ” he said.

He said, however, for the time being, he hoped borrowers will meet the banks and to even seek assistance from the Credit Counselling and Debt Management Agency (AKPK).

When asked about the status of the government's economic initiatives, he said that about 91% of one-off initiatives under the RM250bil Prihatin economic stimulus package have been rolled out.

“The implementation of the Prihatin and Penjana economic stimulus packages are being monitored closely by the Economic Stimulus Implementation and Coordination Unit (Laksana), under the Finance Ministry.

“This unit submits weekly reports to the Economic Action Council that is chaired by the Prime Minister, ” he said.

He added that whether the government will announce an additional stimulus package will depend on the state of the country’s economic recovery.

However, national news agency Bernama had earlier quoted Tengku Zafrul as saying that the moratorium will come to an end in September this year and that the way forward is a targeted approach.

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