JOHOR BARU: The government has been urged to have another round of automatic bank moratorium to assist those affected by the latest movement control order (MCO 3.0).
Pasir Gudang MP Hassan Abdul Karim (pic) said the government should balance the efforts between curbing Covid-19 and assisting those facing financial difficulties with this third round of MCO in 14 months.
“I suggest the government issue an order for banks and financial companies to carry out an automated moratorium from now until the end of the year following the announcement of MCO 3.0.
“Although most economic sectors are allowed to operate during this MCO, there are also sectors such as tourism, theme parks and school buses that are badly affected.
“Both school and tour bus operators are also unable to pay their loans to bank and financial companies, ” he said in a statement here on Friday (May 14).
Hassan added that the people have been adhering to the standard operating procedure and given their cooperation to avoid a medical catastrophe in the country.
“It is now time for the government to help the rakyat – not to completely erase the loans but to postpone payments, ” he said.
He also said that according to reports, banks are still able to make profits despite the pandemic.
“The low and middle-income people are experiencing immense economic pressure. The moratorium efforts could be done through the banking sector.
“This practice could help traders, contractors, small businesses, blue-collar workers, the middle-class and B40 group who have lost their jobs or contracts, experienced pay cuts or losses, or are facing the possibility of shutting down operations for good, ” he said.