The Malaysian Malay Chamber of Commerce (DPMM) has urged the government to provide automatic moratorium extension to entrepreneurs, especially small and medium entrepreneurs (SMEs) in Sabah without having to apply individually to the banking institutions.
Sabah DPMM president, Datuk Awang Sham Amit said the government through the Finance Ministry also needed to ensure that all banking institutions and licensed money lending companies adhere to the said directive.
“Providing automatic moratorium extension for loan repayment until December will definitely ease the burden of SMEs badly affected by the closure of their business premises, besides having to bear monthly expenses with their affected income,” he said in a statement here yesterday.
Awang Sham said the government had to consider DPMM’s suggestion as Covid-19 cases in Sabah had increased tremendously with 12 districts declared as red zones and were placed under the Conditional Movement Control Order.
“Sabah DPMM welcomes the Prime Minister’s announcement to provide targeted moratorium extension of three months to individuals affected by the Covid-19 pandemic by applying to the banking institutions.
“However, we propose that the extension be automatic, especially for the SMEs in Sabah,” he added.