31 March 2020 – Deferred loan repayment & insurance premium scheme for individuals and SMEs

Type of Intervention: Financial Support
Sectors Involved: Central Bank, Finance
Level of Jurisdiction: National
Lead People/Agency: Monetary Authority of Singapore, Association of Banks, Finance Houses Association, Life Insurance Association, General Insurance Association

Overview: MAS and the financial industry have collaborated on a package of measures to help individuals and SMEs facing temporary cashflow difficulties to ride through the storm.  The package has three components: 1) help individuals meet their loan and insurance commitments; 2) support SMEs with continued access to bank credit and insurance cover; 3) ensure interbank funding markets remain liquid and well-functioning.
Full details here: https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic

Type of Justification: Considered a necessary escalation of current measures
Source of Evidence or Justification: National – government, National – other
Evidence/Justification: The package of financial measures complements the initiatives in the Government’s Unity Budget and Resilience Budget to preserve jobs and support enterprises and households amidst the COVID-19 situation