With mall landlords and tenants in limbo, is it time for a Malaysian Covid-19 Act?

 KUALA LUMPUR (April 18): Non-essential retailers have been instructed to remain shut during the Movement Control Order (MCO) for a total of six weeks from March 18 to April 28.

Some landlords have been gracious enough to provide rent waiver or a discount to their tenants, while others are not.

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Malaysia’s development financial institutions offer more than RM900m in financing aid to virus-hit SMEs

 

KUALA LUMPUR (April 13): Several members of The Association of Development Finance Institutions Malaysia (ADFIM) has allocated more than RM900 million as financing aid for communities and small- and medium-sized businesses that had been affected by or been forced to halt operations since March due to the Covid-19 outbreak.

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Businesses still need govt approval to operate during MCO, notes Ismail Sabri

PETALING JAYA: Just because a sector is included in the additional list of businesses allowed to operate during the movement control order (MCO) period, it does not mean they can automatically reopen, says Datuk Seri Ismail Sabri Yaakob.

These businesses, including barbershops and hair salons, must still obtain permission from the government, said the Senior Minister.

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Impact from lockdowns to get more severe

Recession worry: A woman and child walking past shuttered downtown clothing shops in Los Angeles. In the United States, there is a lot of uncertainty on how things will turn out, as the control measures involve social distancing and closure of shops only. — AFP

DAY in, day out, we are warned of “more pain to come”, markets and economies in “free fall”, and “the deepest recession on the record.”

Swift on the heels of news that Covid-19 infections worldwide had hit over a million, came the latest data of 10 million US jobless claims in two weeks.

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MCO: Malaysia extends operating permits for food, healthcare companies

KUALA LUMPUR (April 1): The Ministry of Domestic Trade and Consumer Affairs said today its permits for food and healthcare companies to operate during Malaysia’s Movement Control Order (MCO) has been extended to April 14 after the government decided to continue implementing the MCO to curb the Covid-19 pandemic.

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PM announces six-month postponement of loan repayment, restructuring of credit card balance, biz loans

KUALA LUMPUR (March 25): Prime Minister Tan Sri Muhyiddin Yassin has announced a six-month postponement of loan repayment and restructuring of credit card balance and business loans following the COVID-19 outbreak involving at least RM100 billion.

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Bank Negara grants six-month grace period for loans (updated)

KUALA LUMPUR: Banking customers, including individuals and small and medium sized enterprises (SMEs) will be allowed to delay the repayment of their existing loans, including mortgages and hire-purchases, for a period of six months.

This is part of the central bank’s new measures to assist borrowers experiencing temporary financial constraints due to the Covid-19 outbreak.

In a letter to the heads of financial institutions today, Bank Negara said the automatic moratorium will be effective from April 1.

“Banking institutions should provide individuals and SME borrowers with adequate information on how the suspended loan/financing repayments/payments will be treated during the moratorium period,” the central bank said.

The automatic moratorium is applicable to ringgit-denominated loans or financing that are not in arrears exceeding 90 days as at April 1, 2020.

The moratorium does not apply to credit card balances.

For outstanding credit card balances, Bank Negara said customers should be offered the option to convert the outstanding balances into term-loan of not more than three years.

“For corporate borrowers, banking institutions are strongly encouraged to facilitate requests for a moratorium,” the letter stated.

By: Izwan Idris

Source: https://www.thestar.com.my/business/business-news/2020/03/24/bank-negara-grants-automatic-moratorium-on-loans-by-individual-and-small-businesses-for-six-months#.XnoG8BJN1sY.whatsapp