PM grateful for the efforts of banks

by | Dec 19, 2021 | Business, LOCAL | 0 comments

Prime Minister Datuk Seri Ismail Sabri Yaakob said the government was grateful of the efforts of the banking sector in continuing to support and assist borrowers facing financial difficulties by restructuring the loans of defaulters.

He said banks have not been hasty to blacklist those who faced difficulties and hope that they would continue assisting borrowers facing financial difficulties repaying their loans and defer legal action against defaulters.

Ismail Sabri advised borrowers who still need assistance to immediately contact their respective banks to discuss appropriate restructuring and rescheduling options.

The bankruptcy rate has dropped by 50 percent ever since the economic sector began to open up gradually since October 2021 and banking analysts expect the Malaysian economy will take time to fully recover.

Ismail Sabri said borrowers, especially those in the B40 low-income group, who are still finding it hard to get jobs, should be supported as much as possible.

At the same time, the government through the Malaysian Insolvency Department has increased the bankruptcy threshold to RM100,000 to provide protection to those who may still be unable to survive financially due to the effects of the Covid-19 pandemic.