Finally Moratorium On Bank Loans Approved By PN Government

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Press Statement By Bernard Chin:

In the midst of covid-19 economic crisis, DAP Secretary-General and MP For Bagan – Lim Guan Eng has been constantly putting in effort to urge the PN Government to extend the existing moratorium on bank loans by another 6 months which is expected to expire on 30 September 2020. With the rising in unemployment rate and worsening economic situation, it is an undeniable fact that the implementation of 6-month moratorium is important and had greatly benefited the individual borrowers and small and medium enterprises (SMEs) in lightening their financial burdens. With the constant pressure from PH government and rakyat, on 29 July 2020, Malaysia Prime Minister Tan Sri Muhyiddin Yassin has finally made an announcement on the extension of the moratorium of bank loans.

The detailed information of the extension of moratorium of bank loans are as follow:

A) The 3 months extension of moratorium (until 31 December 2020) is applicable only to those who lost their job and remained jobless.

B) Working individuals who experienced pay cut, the loan payment will continue with loans amount adjusted based on the decreased in their income, which will be applicable for the next 6 months.

Although this may seem insufficient to help many affected business and rakyat, however, rest assure that we are not forgotten and we are never alone. It is indeed a job well done by PH government, we are grateful for their collective effort on handling this issue with the hope to lighten the burden of the people.

Bernard Chin
Kuching Branch Publicity Secretary