King ‘sympathetic’ on broader loan moratorium, more aid

PETALING JAYA: The Yang di-Pertuan Agong, Sultan Abdullah Sultan Ahmad Shah, is “sympathetic” to an expanded loan moratorium and improved financial aid for businesses, says DAP secretary-general Lim Guan Eng.

Lim, who was granted an audience by the King on Wednesday, said he had brought up the financial plight faced by the rakyat needing government assistance to survive and the need for an automatic loan moratorium.

“The Agong was sympathetic to an automatic bank loan moratorium (excluding the T20 group) without mentioning the duration, and more financial aid to save jobs and businesses,” he said in a statement today.

The Bagan MP and former finance minister said the targeted aid approach taken by the banks was not inclusive enough, comparing the 1.6 million applications for aid that had been approved as of March 26 with the eight million businesses and people who benefitted from the automatic loan moratorium offered during the first movement control order(MCO)

He said it appeared as though the government was aware that their stimulus efforts were not comprehensive enough but were unwilling to do more.

“Minister in the Prime Minister’s Department (economy) Mustapa Mohamed admits that the M40 and businesses are generally more stressed and desperate following the banks’ refusal to extend automatic loan moratorium to the M40.

“He even acknowledged the difficulties faced by borrowers due to the bureaucracy of applying for a moratorium from banks. The government has cleverly identified the problem without providing a solution. This is another indicator of a failed government,” he said.

Lim was one of many political party leaders to meet with the King over the last few days, with former prime minister Dr Mahathir Mohamad, opposition leader Anwar Ibrahim and Umno president Ahmad Zahid Hamidi all meeting separately with Sultan Abdullah at Istana Negara.