Additional Economic Aid Package Which Will Be Introduced On The 1st Of April

The Minister at the Prime Minister’s Office and Second Minister of Finance and Economy in the media conference outlined the additional economic aid package which will be introduced on the 1st of April. The additional economic aid package has an overall value of over 2 hundred 50 million dollars in the form postponement of loan principle payments or funding and exemption of fees and charges.

The Minister at the at the Prime Minister’s Office and Second Minister of Finance and Economy said in reference to the previous media conferences, dated 19th, 21st and 28th of March 2020 on interim measures taken by the government to assist and alleviate the financial burden on a number of sectors including micro, small and medium enterprises or a number of individuals affected by the COVID-19 outbreak.

The Ministry of Finance and Economy on behalf of Autoriti Monitori Brunei Darussalam, AMBD and the Brunei Association of Banks informs that the additional economic aid package which will be added to the previously announced fiscal aid such as deferment on TAP and SCP contributions, increase of employee capacity including business productivity will enhance the Brunei Darussalam economic stimulus package for COVID-19 which on overall is valued at 4 hundred 50 million dollars.

The packages announced are specifically for all business sectors in the country and individuals including those who are self-employed, whereby the additional aid is hoped to help alleviate the financial burden on affected businesses and individuals.

Firstly, deferment of loan or funding principle amounts for all sectors. Second, re-structuring and deferment of principle payments on personal loans and mortgage facilities or hire purchase loans for a period of not more than 10 years. Third, deferment of loan principle payments for real estate. Fourth, re-structuring of outstanding balances for credit cards for a period of not more than 3 years ONLY for affected individuals in the private sector including those who are self-employed. However, these measures will not increase the credit card limit for the 3 year period. Fifth, all bank fees and charges except for third party charges will not be imposed. This deferment is from the date of application approval until the 31st of March 2021. Companies and individuals can make a deferment and restructuring application to the respective banks and financial institutions between the 1st of April 2020 until the 30th of December 2020.

It is also emphasised that applications are dependent on the review of the respective banks and financial institutions. With the addition of these aid measures, banks are hoped to provide support to the affected businesses and individuals during these difficult times.

AMBD once again has given assurance that the country’s banking sector remains sustainable and strong with sufficient funds. At the same time, AMBD will continue to monitor the development of the current situation together with the financial institutions. For further information on the interim measures, contact the respective banks or contact AMBD at 2388388 or email:  info@ambd.gov.bn. 

Source: Radio Television Brunei