KUALA LUMPUR: Malaysian Industrial Development Finance Bhd (MIDF) is offering financial relief to assist its existing clients in dealing with the expected slowdown in economic growth due to the Covid-19 outbreak.
The relief measures, offered through MIDF’s Development Finance Division (DFD), would include deferment of monthly repayments, rescheduling and restructuring of financing as well as extension of the due date on revolving facilities.
DFD head Azizi Mustafa said Covid-19 had taken a toll on the economy since the rise of the outbreak earlier this year, especially on small-and-medium enterprises (SMEs) and tourism, reducing the number of visitors coming into the country during the crucial Visit Malaysia 2020.
“By introducing such measures, it is our hope to provide partial relief and financial support to companies especially SMEs in badly affected sectors such as manufacturing, hotels, retail, transportation and services in addition to helping the economy rebound,” he said in a statement today.
MIDF said the relief measures are in line with the 2020 Economic Stimulus Package that was announced on Feb 27, 2020.
Under the stimulus package, all banks have been tasked to provide financial relief in the form of a payment moratorium comprising restructuring and rescheduling of loans for affected businesses, enabling affected companies to have more flexibility in their cash-flow management. – Bernama
