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 moratorium schemes, with the regulator looking to extend the programmes to certain borrowers beyond December 31 this year, while also ensuring that those with the ability to pay should begin repayment before the moratoriums expire.
The Monetary Authority of Singapore (MAS) earlier said that in Singapore, 12 percent of the economy is at the epicenter of the COVID-19 crisis. Companies in sectors hit hardest, specifically construction, travel-related, and consumer-facing services, are expected to take some time to recover.
Certain industries or activities may be permanently impaired by the crisis due to a range of factors, including a shift in supply chains and consumer demand patterns, according to MAS managing director Rai Menon at the central bank’s annual report briefing.
Maybank-Kim Eng earlier estimated that about 12 to 16 percent of total loans are under moratorium and other relief schemes from the local banks.
The three local banks in Singapore are estimated to have granted payment deferments to more than 15 billion SGD (10.94 billion USD) worth of mortgages as at the end of June this year, data from the MAS had shown. The total value of deferred mortgages in Singapore as of the end of June makes up almost 10 percent of all outstanding mortgages.
All in, Singapore’s fiscal outlay in response to the pandemic has stood at some 93 billion SGD so far, the largest in this country’s history./.
VNA
