The Ministry of Entrepreneur Development and Cooperatives (MEDAC) has announced a six-month moratorium on loan repayments for cooperatives. Cooperatives can now apply to defer their loan repayments to the Cooperative Development Revolving Fund (TMP-JKP) from April to September 2020.
“In an effort to ease the burden of affected cooperatives, MEDAC has announced a moratorium on loan repayments by cooperatives to the Cooperative Development Revolving Fund (TMP-JKP) under the Companies Commission of Malaysia (CCM),” said MEDAC Minister Datuk Seri Dr Wan Junaidin Tuanku Jaafar. He added that the moratorium is expected to involve a sum of about RM99 million.
Datuk Seri Dr Wan Junaidin further said that the government is concerned about the negative economic impact that Covid-19 has on the 14,628 cooperatives in Malaysia. This includes the welfare of 6.05 million cooperative members nationwide.
The announcement by MEDAC came at the heels of Bank Negara Malaysia’s (BNM) decision to offer an automatic moratorium of individual and SME loans for a period of six months. Note that unlike the moratorium offered to the individual and SME loans, MEDAC’s deferment offer for the cooperatives is not automatic. Cooperatives will have to apply for it.
Those who would like to do so can contact CCM via email at [email protected] or call 012-3302444.
(Source: Malay Mail)