PETALING JAYA – Prime Minister Tan Sri Muhyiddin Yassin confirmed today that the government has allowed three-month loan moratorium extension and assistance for those affected by Covid-19 and the movement control order.
The Prime Minister said that the target moratorium will be for a three month extension and will be offered to thos who lost their jobs this year or suffered pay cuts due to the Covid-19 pandemic.
Muhyiddin said that the extension were agreed upon following a discussion with Bank Negara Malaysia and the finance minister to help people that still need assistance when the moratorium ends on Sept 30.
The blanket six-month moratorium was approved way back in April.
Those individual who lost their jobs this year are eligible for the targeted moratorium extension of three months. After three months, it can be extended further but with the banks’ discretion and the borrower’s situation.
Individials who had salary cuts due to Covid-19 pandemic will also be granted lower installment on loans. On the other hand, Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said that recent data suggests encouraging signs of economic recovery. The country’s exports grew 8.8% to RM82.9 billion in June, with the highest value of trade surplus amounting to RM20.9 billion.