Singapore extends pandemic-induced loan relief measures into 2021

A migrant worker looks on outside his room in a factory-converted dormitory in Singapore. Photo: Reuters. Sketched by the Pan Pacific Agency.

SINGAPORE, Oct 5, 2020, Reuters. Singapore said today it would extend relief programmes on mortgages and loans for individuals and small firms into next year because of the prolonged impact of the coronavirus pandemic, Malay Mail reported.

The programmes, which include deferrals on mortgage payments and lower interest rates on loans, were introduced in April and were set to expire on December 31.

“Many individuals and businesses will continue to experience cashflow pressures into early 2021,” the Monetary Authority of Singapore and associations representing the city-state’s financial industry said in a statement.

The extended measures will expire in phases over 2021, they added.

Singapore has spent about S$100 billion (RM304.7 billion), or 20 per cent of its GDP, in virus-related relief to support households and businesses.

The government is introducing a programme that provides faster and lower-cost insolvency proceedings for small firms to restructure their debts or shut down because of the pandemic’s impact.

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