Govt to look into automatic loan moratorium

Govt to look into automatic loan moratorium

THE request for an automatic moratorium for bank loan repayment to ease the burden of the rakyat affected by the Covid-19 pandemic will be discussed, says Datuk Seri Ismail Sabri Yaakob.

The Prime Minister said the matter would be taken up for discussion with the Finance Ministry.

“The government is aware of the situation faced by the rakyat and will try to assist as best as possible,” he said when responding to a supplementary question raised by Datuk Seri Ahmad Maslan (BN-Pontian).

Ahmad said household debts had increased by 93.3% and had increased further due to the pandemic.

“Is the government considering implementing a non-accrual moratorium so that the rakyat can repay their house and car loans?” he said.

Datuk Seri Anwar Ibrahim (PH-Port Dickson) suggested the injection of an additional RM45bil for Covid-19 relief efforts, adding that any implementation of loan repayment moratorium must be one that was meaningful.

He added that the additional funds must be monitored to avoid the cash aid given being used to pay off bank loans.

Anwar raised the issue of what was being done by the government to address the decrease in household income by 10.3%.

Ismail Sabri acknowledged that the incidents of poverty had increased to 8.4% or involving 636,000 individuals and households last year compared to 5.6% or 405,004 in 2019.

To help ease the burden on the rakyat, Ismail Sabri said eight economic stimulus packages had since been implemented.

However, he noted these were merely short-term plans and the government was looking at mid- and long-term plans.

Source: TheStars.com.my

Prev. Article Next Article