Sheda Kuching calls for extended moratorium on loans to protect businesses, jobs

Datuk Sim Kiang Chiok

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KUCHING, Oct 8: The authorities are urged to extend the bank loan moratorium period instead of applying a targeted moratorium to assist all Malaysians in financial repayments for businesses, housing as well as personal and car loans to address the impact of Covid-19.

Sarawak Housing and Real Estate Developers’ Association (Sheda) Kuching chairman Sim Kiang Chiok emphasised that this would help everyone to ride through the third wave of Covid-19 rippling through the country as business volume is anticipated to be further slowed down from an already unprecedented low and affect employment rates even more.

“Sales of properties are still low due to high economic uncertainties as Malaysia and the world are weathering through the Covid-19 pandemic.


“Banks are also very cautious in lending for purchase of properties in this critical period. Only those with secure employment such as civil servants and T20 (top 20 per cent) will be able to raise end financing for home purchase,” he highlighted in a statement today.

Now as the country faced the third wave of the novel coronavirus, Sim stressed that it would create more uncertainties and disruptions to the economy and business volume.

As such, he emphasised that businesses and jobs must be protected to help sustain livelihoods in the midst of the Covid-19 pandemic.

“Measures or standard operating procedures (SOPs) imposed by the government to slow down the spread of the coronavirus must strike a balance between protecting health and protecting livelihoods.

“It must be less severe than the disease itself. We cannot afford another Movement Control Order (MCO) as it will further strain our industries and economy,” he said following Prime Minister Tan Sri Muhyiddin Yassin’s recent special announcement on measures to combat the third wave of Covid-19 outbreaks in the country.

Sim added that imposing a Targeted MCO instead of an MCO was a wise move as this allowed economic activities in safe zones to continue operating.

“My view is that Malaysia has been fortunate as our Covid-19 infection rate is low compared to other major countries and our control (measures) are very good.

“We have beaten the first and second wave and I am sure we can overcome the third wave if we keep to the SOP and health advice. I am sure we can all persevere in this ‘new normal’ to get back to the old normal,” he added. — DayakDaily