By Ashwin Kumar
KUALA LUMPUR, March 25 — The Federal government has announced several financial aid measures that would be worth RM100 billion, to ease the economic burden of the people affected by the Covid-19 pandemic.
Prime Minister Tan Sri Muhyiddin Yassin in a statement today, had reiterated the measures announced by Bank Negara Malaysia (BNM) yesterday, which would relieve the burden on households and businesses.
“All measures to postpone loan repayments, restructure credit card debt and business loans involve an estimated sum of RM100 billion.
“This is a very significant amount, and I am grateful for the concern of the Finance Ministry, BNM, and Malaysia’s banking industry," he said.
Among the measures announced by BNM include the six-month automatic moratorium by banking institutions on all loan and financing repayments or payments beginning April 1, term loan or financing tenure for credit card balances, and delayed payment for corporate borrowers.
The automatic moratorium is applicable to the loans or financing that are not in arrears exceeding 90 days as of April 1, 2020, and denominated in Malaysian Ringgit.
Muhyiddin said that the government is studying various ways to reduce the burden of the people and that a more comprehensive economic stimulus plan would be announced soon.
“I have asked the Finance Ministry and BNM to fine-tune these announcements more carefully so that the public may better understand the benefits on offer,” he said.
