Malaysia Proposes Automatic Loan Moratorium for the Poorest

(Bloomberg) -- Malaysia will provide an automatic moratorium on loan repayments for the poorest 40% of the population, Finance Minister Tengku Zafrul Abdul Aziz said in parliament, as he sought support for the passage of his $78 billion spending plan for 2021.

• Individuals in the middle 40% (M40) may apply for moratorium without submitting relevant documents
• Micro enterprises can also avail of automatic moratorium
• The government will permit withdrawals of up to 10,000 ringgit for members whose incomes have been affected by the pandemic
  • EPF has inflows of about 80b ringgit
• Aid to farmers expanded by 80m ringgit; allowance to fishermen raised to 250 ringgit from 200 ringgit
• NOTE: Malaysia Leader Faces Crucial Test in Make-or-Break Budget Vote

©2020 Bloomberg L.P.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.