Sabah bosses want moratorium extended


KOTA KINABALU: Employers in Sabah have appealed to Bank Negara to consider the financial position of borrowers in a quandary over the loan moratorium issue.

Sabah Employers Association (SEA) president Yap Cheen Boon said many workers were unable to cover their living costs, let alone service their loans.

He said with the Covid-19 situation having become serious, there were even employers in the state who were finding it hard to repay loans.

He said based on statistics provided, 640,000 borrowers from a total pool of eight million applied for repayment assistance nationwide on their loans from their respective banks.

Yap said the central bank should find out more from the data provided by banks, and on the other seven million over borrowers.

He said banks were claiming an 85.5% repayment rate since Oct 1.

Yap said the association knew of cases where appeals for moratorium extensions were still under review, but payments were deducted in early October.

“With no decision forthcoming, another deduction is looming in early November. It is not wrong to say that to allow deductions while applications are under review is self-defeating and demoralising, ” he added.

He appealed for the loan moratorium to be extended till the end of the year to ease the financial burden of workers and bosses in Sabah.

The six-month moratorium announced by the government ended on Sept 30.

It enabled millions of Malaysians to get temporary relief for loans totalling over RM66bil.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

80% readers found this article insightful

Next In Nation

Perak govt says RM80k allocated under state disaster fund distributed in the form of cash, food boxes
Suhakam disappointed annual report not debated in Parliament
Muhyiddin meets PAS, Umno presidents to strengthen party ties
Covid-19: 20 Immigration officers test positive
Tok Pa: Govt speeding up development projects to minimise effects of Covid-19 pandemic on economy
This isn't a drive-thru ma'am: Woman accidentally drives into petrol station convenience store in Bangi
Top Glove says it will improve workers' accommodations
Speaker: Pasir Salak MP calling Syed Saddiq a 'budak' just a joke, no bad intentions
Covid-19: Two new clusters detected in Sabah, says Health DG
Covid-19: 1,472 new cases, three fatalities bring death toll to 363 (updated)

Stories You'll Enjoy