Singapore Extends Pandemic-induced Loan Relief Measures Into 2021

“Many individuals and businesses will continue to experience cashflow pressures into early 2021,” the Monetary Authority of Singapore and associations representing the city-state’s financial industry said in a statement.

The extended measures will expire in phases over 2021, they added.

Singapore has spent about S$100 billion, or 20% of its GDP, in virus-related relief to support households and businesses.

The government is introducing a programme that provides faster and lower-cost insolvency proceedings for small firms to restructure their debts or shut down because of the pandemic’s impact.

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