Six-month blanket moratorium needed for social, business safety nets

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KUALA LUMPUR: Loan moratorium for all micro, small and medium enterprises (MSMEs), B40 as well as M40 households, while targeted for other individuals for at least three months or 50 per cent loan payment reduction for six months is needed to ensure social and business safety nets.

According to EMIR Research, the overwhelming uptake and benefit to the many in the backdrop of a potentially grave economic outlook suggest loan moratorium to be extended to six months of automatic blanket loan moratorium.

It said a real moratorium that assists borrowers should have no room for the practice of charging borrowers an additional interest for the period of moratorium by re-amortising the loan payment schedule once the moratorium period is over. "It has to be re-emphasised that the borrowers have not defaulted on their payments - the payments were merely postponed - and, provided the borrowers resume and finish all the payments according to the schedule, banks would not lose their real profits.

Under the International Financial Reporting Standards , the banks have to show the fair value of the loans in their books based on the present value formula.

 

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Emir Research: Six-month blanket moratorium is needed for social, business safety nets | Malay MailKUALA LUMPUR, June 28 — Loan moratorium for all micro, small and medium enterprises (MSMEs), B40 as well as M40 households, while targeted for other individuals for at least three months or 50 per cent loan payment reduction for six months is needed to ensure social and business safety nets.... the loan will not help much if society and business do not rethink its ways to persevere with the new economic norms. we need to have an in depth review of our economy and think of ways for it to be resilient to pandemics.
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