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MIDF offers financial relief to clients amid COVID-19 outbreak

KUALA LUMPUR (March 3): Malaysian Industrial Development Finance Bhd (MIDF) is offering financial relief to assist clients in dealing with the expected economic growth slowdown due to the COVID-19 outbreak.

In a statement yesterday, MIDF said the relief measures, undertaken via its development finance division, include deferment of monthly repayment, rescheduling and restructuring of financing as well as extension of due date on revolving facilities.

"MIDF’s relief measures are in line with the '2020 Economic Stimulus Package' that was introduced by the Government on Feb 27, 2020. All banks have been tasked to provide financial relief in the form of payment moratorium comprising restructuring and rescheduling loans for affected businesses. This will enable affected companies to have more flexibility in their cash-flow management," MIDF said.

MIDF development finance division head Azizi Mustafa said in the statement that since the COVID-19 outbreak earlier this year, the disease has already taken a toll on the Malaysian economy, especially on small and medium enterprises (SMEs) and the tourism sector.

"By introducing such measures, it is our hope to provide partial relief and financial support to companies, especially SMEs in badly affected sectors such as manufacturing, hotels, retails, transportation and services in addition to helping the economy rebound," Azizi said.

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