News Local Loan payments suspended for 9 months

Loan payments suspended for 9 months

Loan payments to banks on performing loans (PLs) are now suspended until the end of the year.

Parliament approved by majority, the government’s loan payment suspension bill, with a number of amendments.

The bill calls for the suspension of all loan payments and interest on loans for individuals, the self-employed and businesses for a period of 9 months.

Loan payments are now suspended until December 31 2020.

A total of 31 MPs voted in favour and 24 against.

DISY and DIKO voted in favour, while AKEL, EDEK, the Green Party, the Alliance and ELAM were against.

The moratorium on loan instalments aims to bolster households and businesses battered by the coronavirus crisis and stave off unemployment.

Finance minister Constandinos Petrides will be issuing a relevant decree tomorrow.

The House which convened under strict safety precautions, postponed the discussion of a second bill  which provides for €2 billion in state guarantees to banks in order to grant low interest loans to the self employed, as well as small and medium sized businesses, hardest hit by the crisis.

Coronavirus: Government announces 9 month moratorium on loan instalments

 

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