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SINGAPORE: Singapore said Monday that it will extend mortgage and loan assistance programs for individuals and small businesses until next year due to the prolonged impact of the coronavirus pandemic.
The programs, which include mortgage deferrals and lower interest rates on loans, were introduced in April and were due to expire on December 31.
“Many individuals and businesses will continue to experience cash flow pressures until early 2021,” the Monetary Authority of Singapore and associations representing the city-state financial industry said in a statement.
The extended measures will expire in phases throughout 2021, they added.
Singapore has spent around S $ 100 billion, or 20% of its GDP, on virus-related aid to support households and businesses.
The government is introducing a program that provides faster and lower-cost insolvency procedures for small businesses to restructure their debts or close due to the impact of the pandemic. – Reuters
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