KUALA LUMPUR, June 15 – The ‘total lockdown’ has continued for another two weeks but the interest-free bulk moratorium is not realised, said Umno President Datuk Seri Dr Ahmad Zahid Hamidi.
The Barisan Nasional (BN) chairman said when the people are sacrificing almost everything fighting for the pandemic, banks should follow suit. The 2020 financial report reveals that banks are still profitable while there are people who lost everything.
“The tourism sector is still closed, many eateries are also closed. What’s wrong for the bank making sacrifices.
“Not write off but defer payment without any charges and interest. We know that the Finance Minister has given excuse that he has no power to instruct the banks even though Act 701 and Act 758 as well as the Emergency Ordinance can be applied,” he said in a Facebook posting.
The Member of Parliament for Bagan Datuk added that the moratorium is very important in a time of economic downturn in addressing two major issues.
“The first is for those who lost income. The moratorium does not increase revenue but provides short-term relief from asset loss or any financial institution stress. At least the house and car can be used freely for a while.
Please remember that financial stress can cause over-stress, mounting pressure and others among those affected.
“The second group is those who saw their income became lesser during the pandemic. At least, the moratorium gives them extra money to spend,” he said.
He further commented that this expenditure will help stimulate economic growth which is good for the economy.
“As a result, the government gets tax from this transaction. Use the power enthrusted in you for the people… not thinking of how the retain your position alone.”