Deferment of loan payment relief for borrowers

suppadmin | January 30, 2021

Banking sectors in the nation should automatically extend the deferment of loan repayment for three months in offering timely relief to its borrowers adversely affected by the COVID-19 pandemic.

In response to the announcement of a series of additional financial aid packages by Minister of Finance Tengku Zafrul Aziz yesterday, Milton Foo believes that the moratorium is the most effective and practical way to relieve the economic burden and pressure of the people and enterprises.

According to Foo, our people are in the most tenacious fight against the ever severe fourth wave of the epidemic, leading to the reintroduction of movement control order (MCO 2.0) across the whole nation except Sarawak, but including Sibu. The hardness of life is deeply felt by the people, with many companies facing the crisis of winding up & close down at any time, causing unemployment and other social problems. The distress and misery is beyond the words.

Foo therefore called on the federal Ministry of Finance and Malaysia National Bank (BNM) to seriously consider the proposal to extend the moratorium for three months (that is, from February to April, and to start repayment in May), so as to give people and enterprises some space and time to breathe. With a three-month period, the people shall have a room to put focus in fighting the pandemic with all their strength while biting their teeth to live, and work together to flatten curve. Foo also believes that when economy & business are gradually back on the right track, the moratorium should cease by then.