Malaysia one of the first to enact automatic loan freeze, says minister

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Finance Minister Tengku Zafrul Abdul Aziz says the move helped more than 7.7 million people and 243,000 SMEs. FMTNews Moratorium

The six-month moratorium on loan repayments, implemented in March, is scheduled to end in September.

Speaking during the question and answer session, he said the move was made by Bank Negara Malaysia and the government with cooperation from commercial banks to help the people as well as SMEs with their cash flow during the movement control order period.Noh earlier caused laughter in the house when he accidentally thanked the Pakatan Harapan coalition for acting to provide financial aid during the MCO.

He then said it was important to list out the positive impacts of the move as he said PH would not have helped the people.However, one of the MPs from the opposition bench told Noh not to make assumptions. To this, Tengku Zafrul said the government had implemented more than 80 initiatives under its economic stimulus packages.

 

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