Loan moratorium: Govt, banks exploring targeted aid, refinancing
The government and banks are exploring more targeted aid to borrowers once the loan moratorium ends on Sept 30, including refinancing options.
Finance Minister Tengku Zafrul Tengku Abdul Aziz said this as some private and business borrowers are now able to repay their loans after generating income when the economy re-opened in May.
"The next step, we're still...
The government and banks are exploring more targeted aid to borrowers once the loan moratorium ends on Sept 30, including refinancing options.
Finance Minister Tengku Zafrul Tengku Abdul Aziz (photo, above) said this as some private and business borrowers are now able to repay their loans after generating income when the economy re-opened in May.
"The next step, we're still discussing this with the banks, is for more targeted aid. One example is to extend the repayment period, changing the terms and conditions, lowering interest rates, and other relief measures," he told the Dewan Rakyat today.
Zafrul said this when responding to an additional question from Ahmad Maslan (BN-Pontian) on whether the loan moratorium would be extended.
Banks had put loans on moratorium starting April, to provide relief as people struggled with the impact of the Covid-19 pandemic on the economy.
The minister said that borrowers were advised to meet their respective banks, and the Credit Counselling and Debt Management Agency (AKPK) to discuss possible options for them.
Meanwhile, on a separate question from Amiruddin Hamzah (IND-Kubang Pasu), Zafrul said the change in cabinet structure under the Perikatan Nasional (PN) government will not incur additional allocations.
"Even though new ministries were created and the number of ministers and deputy ministers increased, there is no additional allocation as the finances needed for the new ministries had already been distributed or re-allocated," he said.
For the additional ministers and deputy ministers, especially in the Prime Minister's Department, the funding will utilise surplus funds allocated before.
The re-allocation of the budget for ministries was tabled for a first reading today and will be debated in this current Parliament session.
The PN government consists of 32 ministers and 38 deputy ministers.
The previous Pakatan Harapan government had 28 ministers and 27 deputy ministers.
