PM announced today that the government has agreed to further extend moratorium for the public but there is a catch.
In a special address today, he said the extension will run for three months but only for those who lost their jobs this year and are still seeking employment, after which period banks can offer help based on the situation.
“I hear you about the moratorium that would end in September. I also know many are hoping that the moratorium would be extended,” Muhyiddin said.
“Therefore, I have discussed with the finance minister and Bank Negara governor, to find a solution to the problems faced by some who are still in need of help.
“So today I want to announce that the Perikatan Nasional government has agreed to execute the extension of the moratorium and targeted bank aid, which will be focused for those who are truly in need,” he added.
Up until this announcement, the moratorium was scheduled to end in September.
Loan repayments during this period need not be paid but borrowers that take up the scheme will accrue additional interest.
Groups such as the Malaysian Trade Union Congress (MUTC) have urged the government to extend the moratorium for Malaysians in the Bottom and MIddle 40th per centile (B40, M40) to alleviate some of the economic pressure on the rise following the financial slowdown.