Local News Update: Senior advisor to the Prime Minister for Economic Affairs Ajith Nivard Cabraal met with senior officials of the Central Bank, Bank CEOs and Bank Auditors on Tuesday at the Temple Trees Prime Minister’s Office.
The framework and execution of a moratorium on capital repayments by SME borrowers during the year 2020, while interest at contract rates is being serviced, as well as the restructuring of capital repayments.
Bank CEOs have decided at the conference, in compliance with the scheme, to postpone the auctioning of any assets belonging to lenders in cases where borrowers faithfully service interest payments. The accounting and reporting issues arising from the scheme have also been addressed and resolved.
Cabraal clarified that this scheme would help kick-start and restart companies that have experienced challenges in recent years, making a positive contribution to the economy once again.