SINGAPORE: Singapore said on Monday it would extend relief programmes on mortgages and loans for individuals and small firms into the next year because of the prolonged impact of the coronavirus pandemic.
The programmes, which include deferrals on mortgage payments and lower interest rates on loans, were introduced in April and were set to expire on Dec 31. “Many individuals and businesses will continue to experience cashflow pressures into early 2021,” the Monetary Authority of Singapore and associations representing the city-state’s financial industry said in a statement.Singapore has spent about S$100 billion, or 20% of its GDP, in virus-related relief to support households and businesses.
The government is introducing a programme that provides faster and lower-cost insolvency proceedings for small firms to restructure their debts or shut down because of the pandemic’s impact.
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