KUALA LUMPUR: Nearly all applications for moratorium extensions and targeted bank assistance have been approved, said Prime Minister Tan Sri Muhyiddin Yassin.
In a special televised address today, Muhyiddin said the government would continue to monitor the latest developments and ensure that banking institutions played their part to help the people and businesses.
"Last July, I announced the extension of the moratorium and targeted bank assistance.
"Until Sept 11, banking institutions held discussions with more than 1.4 million borrowers and more than 380,000 borrowers had confirmed that they really need the assistance.
"I am happy to announce that 98 per cent of applications for moratorium extension and targeted bank assistance have been approved," he said when unveiling the Kita Prihatin economic stimulus package today.
As the automatic moratorium is scheduled to end this month, he urged those who had not applied for the extension to contact their respective banks and make applications.
On March 25, Muhyiddin announced a six-month moratorium, conversion of credit card balance to term loans and restructuring of corporate loans in an initiative estimated to be worth at least RM100 billion.
In July, Muhyiddin announced an extension of the moratorium and targeted bank assistance, which benefited three million individuals and small and medium enterprises.