As 3rd wave hits nation, govt urged to extend loan moratorium for all

By Emma Victoria

SARAWAK Housing Estate Developers Association (Sheda) Kuching has urged the government to extend the moratorium on loan repayments for all income groups as the country is again affected by another new wave of Covid-19 infections. 

Its chairman Sim Kiang Chiok said the new wave of Covid-19 infections in the country has raised more uncertainties and disruptions to the economy and business volumes.

“So, it is time to extend the bank loan moratorium instead of the targeted moratorium, to assist every Malaysian in their repayment of their business, housing, personal and car loans.”

He said it would help the people to ride through the third wave of Covid-19 infections as business volumes would further slow down from the already unprecedented lows and this will create more employment uncertainty.

“As there is still no cure or vaccine for Covid-19, we must persevere with the new norm to ensure that we will be able to get back to the old norm. Businesses and  jobs must also be protected so that our basic livelihood can be maintained,” he said in a statement.

Sim also supported Prime Minister Tan Sri Muhyiddin Yassin’s decision to impose targeted enhanced movement control orders in badly affected areas, instead of a total lockdown.

He described it as a wise decision because it will allow economic activities in other safer zones to continue.

“We cannot afford another movement control order (MCO) as it will destroy more of our industries and economy. The prevention measures or the SOP to slow down the spread of the virus must be less severe than the illness itself.”

“We have beaten the first and second waves and I am sure we can overcome the third wave if we adhere to the SOP,” he said,

“Although Sarawak is currently not badly affected by the virus, sales of properties are still low due to economic uncertainties as the worldwide pandemic continues,” he said.

He said the banks are cautious in lending for purchase of properties and only those with secure employment such as civil servants and those in the T20 category being able to get financing for home purchases.

 

 

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