MEF proposes automatic loan moratorium instead of by application

KUALA LUMPUR: The Malaysian Employers Federation (MEF) is proposing to the Ministry of Finance and Bank Negara Malaysia to make loan moratorium automatic instead of by application.

"And that there should be no interest charges or other charges associated with it," president Datuk Dr Syed Hussain Syed Husman said in a statement today.

He said the MEF also hoped that the facilities for loan moratorium would not be disrupted during the Enhanced Movement Control Order (EMCO) period in Kuala Lumpur and Selangor.

"Even before companies can reach out for help on the recently announced National People's Well-Being and Economic Recovery Package (PEMULIH) programme, they are now subject to EMCO.

"We hope that the banks will continue to approve the moratorium for those who require it because employers, employees and the rakyat cannot afford to wait much longer," he said.

Yesterday, Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob announced the implementation of EMCO in 34 mukim in Selangor and 14 localities in Kuala Lumpur for 14 days, starting from July 3 to July 16.

-- BERNAMA