THERE were 650,000 applications for the targeted moratorium that began on October 1, of which 98% were approved.

Deputy Finance Minister I Abd Rahim Bakri said, of the approved applications, 40% were for moratorium extensions.

He said the applications came mostly from individuals who had lost their jobs and businesses in sectors still experiencing significant operational constraints as a result of the Covid-19 restrictions.

“Of the approved applications, 60% were for the reduction of monthly instalment payments. These applicants were mainly borrowers whose salaries had been deducted,” he told the Dewan Rakyat today.  

He was responding to Mohd Fasiah Mohd Fakeh (Bersatu-Sabak Bernam), who had asked about the measures taken by banking institutions to continue assisting households and businesses after the expiry of the blanket moratorium on September 30.

Rahim said the government had granted the six-month blanket bank moratorium as part of its Prihatin Rakyat Economic Stimulus Package.

The government followed up with the targeted moratorium specifically for individuals, households or SMEs devastated by job and income losses throughout 2020 and likely into 2021.

Rahim said the targeted moratorium allows the deferment of loan repayments for three months or reduction of monthly instalment payments for six months. – Bernama, November 19, 2020.