In addition, a Temporary Measures Bill was passed to suspend for six months contractual obligations across five broad categories: lease for non-residential property; construction and supply contracts; event contracts; tourism-related contracts; and payment of secured loans from banks for SMEs.
SINGAPORE (April 13): Concerns are emerging that the local banks may need to bear the burden of bad debts and non-performing loans, as they go all out to support the economy amid the Covid-19 outbreak. The raft of support measures an-nounced in the Unity, Resilience and Solidarity Budgets, focuses on helping SMEs retain jobs and maintain cash flow.
Some of the measures announced by the Monetary Authority of Singapore and Singapore banks include helping individuals and SMEs meet their loan and insurance commitments; provide SMEs with continued access to bank credit and insurance cover; and ensuring interbank fund-ing markets remain liquid and well-functioning.
