Finance Minister Edward Scicluna announces extension of financial moratorium

3rd July 2020 • News

Finance Minister Edward Scicluna today announced that the financial moratorium for businesses and individuals has been extended for a further six months.


During a press conference on Wednesday Minister Scicluna said that the measure, which was first announced due to the Coronavirus pandemicin March, will be extended to September.


The Central Bank had already formalised the extension.


Scicluna said that “the COVID-19 crisis on an economic level is still with us and many people still need help. Our aim is to help and support business owners, self-employed and households in our country as much as possible.”


“The most effective means is to address and deal with debts and the loans that come with it, which is a big problem as banks have to be repaid.”


The deadline for borrowers to apply for a six-month moratorium closed just yesterday – June 30 –  but the government saw the need to extend it until the end of September.


Scicluna added that “those people who have already applied for a six-month moratorium and feel they need more time and support, can apply again in order to extend it for another six months. Therefore, this will ultimately serve for one year. A large number of businessmen and families have called for this moratorium and it is therefore very important.”


He added that “the EU recovery plan has not yet been agreed in all its details but a discussion is currently underway between EU countries, including Malta.”