Introduce a general moratorium for all bank loans
PETALING JAYA: The Bangsa Malaysia Party calls on the government to introduce a general moratorium on all bank lending following the recent decision by Bank Negara Malaysia to raise the overnight rate (OPR) by 25 basis points to 2.75%.
Its president-elect, Datuk Zuraida Kamarudin, said while the party understands the hike is in response to rampant inflation and is in line with what other countries’ central banks are doing, the move has also resulted in a tougher environment. for companies.
“PBM executives, myself included, have received numerous complaints from the corporate sector, particularly small and medium-sized enterprises (SMEs).
“Many are facing cash flow difficulties and had barely turned their businesses around since April 1, when the country started to go into endemic,” she said in a statement today.
While all sectors of the economy have now reopened, she said, the country is still far from pre-pandemic levels.
“The war in Ukraine, the disruption of the global supply chain and climate change have only made the situation worse. This is unavoidable given that Malaysia is a global trading nation.
“We also received comments that many companies had structured their loans on the assumption that the economy would rebound.
“But that doesn’t seem to be the case as even the World Bank recently revised Malaysia’s growth target for 2023 from 4.5% to 4.2%.
“That’s why we believe a moratorium can be an essential lifeline for businesses, especially in these trying times,” she said.
The outgoing MP for Ampang also pointed out that economists have validated the success of Malaysia’s moratorium plans in the past, she assures that it will have the same effect now.