He added that with Malaysians in every strata of society struggling to get by, a loan repayment freeze and other supportive packages would reduce the economic burden that looks likely to threaten the people.
In a statement today, Zairil said as small and medium-sized enterprises employ almost half of the labour force, a moratorium would allow them to improve their cash flow while their employees would be assured of job security.
“With the youth unemployment rate recording a high of 13.9% earlier this year and unemployment generally hovering around the 4.8% mark, a loan moratorium would undoubtedly help save many jobs.
“More importantly, a loan moratorium, such as the one implemented last year, would provide instant relief to millions of borrowers, besides lubricating the economy with some badly needed liquidity,” he said.
Zairil, who is DAP assistant national publicity secretary, said despite a plethora of stimulus packages totalling RM340 billion intended to help the poor, the B40 and M40 continue to suffer.
“Not only are they victims of double standards in the enforcement of SOPs, most of the so-called economic aid packages are also inaccessible to them,” he said.
Zairil said hence, a monthly cash assistance of RM500 for the M40 group and RM1,000 for the B40 group would assist the worst hit, especially with the need for online learning as schools are set to close once again.
Meanwhile, Bernama reported Bank Negara Malaysia Governor Nor Shamsiah Yunus as saying that another blanket loan moratorium may not be the best solution for borrowers.
Instead, she suggested that borrowers approach banks to help them meet their debt obligations.
“All banks already have their payment assistance plans, including targeted loan moratoriums, which can be offered to borrowers who have lost their jobs or suffered a reduction in income.
“Borrowers can also approach multiple channels that have been set up, including BNM’s Credit Counselling and Debt Management Agency, if they require advice or further assistance,” she told reporters following the release of Malaysia’s first quarter 2021 gross domestic product performance today.