KUALA LUMPUR, Dec 16 — Prime Minister Datuk Seri Ismail Sabri Yaakob said banks were requested to continue assisting borrowers facing financial difficulties in repaying their loans and to postpone legal action against defaulting borrowers.
Although the bankruptcy rate has dropped by 50 per cent after the economic sector began to open up gradually since last October, the Malaysian economy will take time to fully recover. This provision is made based on the Insolvency Act , and the Temporary Measures to Reduce the Impact of Coronavirus Disease Act 2019 .In support of B50 borrowers, as announced on October 13, 2021, the banking industry together with the Credit Counseling and Management Agency is actively implementing the Financial Management and Resilience Programme for B50 borrowers affected by the Covid-19 pandemic.