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Covid-19: Cooperative Commission to consider deferment of loan repayment

18 Mar 2020 / 14:05 H.

KUALA LUMPUR: The Cooperative Commission of Malaysia (SKM) has taken the initiative to consider applications for deferment of loan repayments by cooperatives adversely affected by the Covid-19 pandemic.

The commission is also mulling on rescheduling financing repayments for loans issued under the Cooperative Development Department Revolving Fund and any other financing it has issued to assist in the cooperatives’ financial recovery.

“The SKM has taken into consideration the effects of the Covid-19 pandemic on the nation’s economy which has resulted in losses for many cooperatives following the move to ban public gatherings to curb the spread of the Covid-19,” it said in a statement today.

It has also urged cooperatives which have issued personal loans, Islamic pawn broking (Ar-Rahnu) services and microcredits to its members to offer deferment of repayments, especially for members facing financial woes due to dimissals, unpaid leave or business slowdown. - Bernama

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