Zahid Urged Banks to Offer Moratorium to Struggling Businesses

With the lockdown implemented it is a known fact that the severity of the Covid-19 has impacted businesses with uncertainty.

In a Facebook post, Barisan Nasional chairman Datuk Seri Dr Ahmad Zahid Hamidi said Mydin Holdings Berhad announced that it is a difficult time to do business, especially as the market recorded a 35 percent drop since the implementation of the half-baked ‘total lockdown’.

He added, “other malls have also suffered with a plunge of 95 percent. Some of the causes are the lack of buying power from the people, in other words the people are struggling with money. If all these supermarkets close, what is the luck for all their working employees?”

“There is an increase of citizens who do not have money, now 20 percent of workers have lost their job,” Zahid said, adding that if the dire situation continues, next month the percentage would increase to 30 percent and 50 percent in August.

Previously, President of Bumiputera Retailers Association Datuk Ameer Ali Mydin stated that Malay traders are “almost dead”, as they have gone out of resources to save their own businesses.

Meanwhile, the Finance Ministry has pushed for banking institutions to give automatic moratorium. But it is reported that it is difficult for traders and entrepreneurs to apply for a moratorium from banks.

Zahid said, “that is why we consistently push the government to implement a real ‘total lockdown’, in which banks are bound by ‘social obligation’ to give automatic moratorium. Half-baked ‘total lockdown’ causes many businesses to continue operating, and in turn banks will continue to demand payments from traders even during the slow and weak market condition.”

He added that he will continue to voice out the concerns of the people, and push for the government to provide bulk moratorium to all citizens in need.

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