Stop spending on coup attempts and extend loan moratorium instead, Guan Eng tells Perikatan
Saturday, 01 Aug 2020 05:43 PM MYTLim Guan Eng chided Prime Minister Tan Sri Muhyiddin Yassin today for not extending the loan moratorium to small and medium enterprises, calling the move regrettable. — Picture by Miera Zulyana
A six-month extension of the current loan moratorium would have helped 7.7 million individual borrowers and 245,000 small and medium SMEs, the DAP secretary general claimed. “This is a small price to pay for the banking industry when it earned an estimated RM32 billion in after-tax profits for 2019.” The first moratorium, a key initiative under the RM250 billion stimulus package dubbed “Prihatin”, will end in September and is expected to cost banks RM6.4 billion in losses.
“Even if the banks are unwilling to cough up the RM6.4 billion, the federal government can bear the cost of RM6.4 billion to aid the 7.7 million individual borrowers and 245,000 SMEs.” “We can expect their financial situation to deteriorate in a more adverse manner with the Covid-19 economic crisis,” he said.
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