The MAS earlier said that in Singapore, 12 percent of the economy is at the epicenter of the COVID-19 crisis (Photo: straitstimes.com).Singapore (VNA) – Singapore will soon adjust its debt moratoriumschemes, with the regulator looking to extend the programmes to certainborrowers beyond December 31 this year, while also ensuring that those with theability to pay should begin repayment before the moratoriums expire.
The Monetary Authority of Singapore (MAS) earlier said that in Singapore, 12percent of the economy is at the epicenter of the COVID-19 crisis. Companies insectors hit hardest, specifically construction, travel-related, andconsumer-facing services, are expected to take some time to recover.
Certain industries or activities may be permanently impaired by the crisis dueto a range of factors, including a shift in supply chains and consumer demandpatterns, according to MAS managing director Rai Menon at the central bank’sannual report briefing.
Maybank-Kim Eng earlier estimated that about 12 to 16 percent of total loansare under moratorium and other relief schemes from the local banks.
The three local banks inSingapore are estimated to have granted payment deferments to more than 15billion SGD (10.94 billion USD) worth of mortgages as at the end of June thisyear, data from the MAS had shown. The total value of deferred mortgages inSingapore as of the end of June makes up almost 10 percent of all outstandingmortgages.
All in, Singapore’s fiscal outlay in response to the pandemic has stood at some93 billion SGD so far, the largest in this country’s history./.
VNA
