KUALA LUMPUR: The Financial Management and Resilience Programme (Urus) complements government initiatives to help those most affected by the pandemic along with measures to reduce long-term effects of Covid-19 on the economy, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

       The Finance Minister said they welcomed the comprehensive loan repayment assistance programme announced by Prime Minister Datuk Seri Ismail Sabri Yaakob on Wednesday.

       “In total, the banks are estimated to have allocated RM1bil to finance the cost of this programme.

       “Applications for this programme will be opened from Nov 15, 2021, to Jan 31, 2022,” he said in a statement yesterday.

       Tengku Zafrul said Urus would also provide personal financial plan assistance along with access to financial management education packages to borrowers.

       “Urus will assist borrowers comprehensively, ensuring those in need get the government support consistent with the spirit of the Malaysian Family,” he said.

       Ismail Sabri said Urus was to help borrowers in the B50 and B40 household categories, with gross household incomes of less than RM5,880 per month.

       “The facilities offered include an interest waiver for three months, a reduction in instalment payments for a period of up to 24 months, as well as a reduction in interest rates,” said the Prime Minister.

       Urus was formulated by the banking industry together with Bank Negara Malaysia (BNM) along with the Credit Counselling and Debt Management Agency (AKPK).

       More details on Urus can be obtained from the Finance Ministry.

       Tengku Zafrul noted that borrowers who were not eligible for assistance under the Urus programme, but still in dire need of loan repayment assistance, could contact their respective banks to discuss loan repayment options that suit their financial situation.

       At the same time, the government is also looking at other methods to assist small and medium enterprises (SMEs) which will be unveiled in Budget 2022.

       “To assist the cash flow of the affected SME segment, BNM has allocated more than RM7bil through (various) financing facilities, which are being channelled through commercial banks as loans for working capital, capital expenditure and loan refinancing.

       “To further facilitate loans from banks, the government through Syarikat Jaminan Pembiayaan Perniagaan, has provided an additional guarantee of RM20bil under the Pemulih assistance package to guarantee 80% of the loans taken by SMEs,” he said. — Bernama