The government will submit a two-pronged debt relief plan to the Cabinet for approval on Wednesday (December 11).
The proposed measures aim to alleviate the financial burden on millions of individuals and small businesses struggling with debt.
Debt Relief Package 1: Interest waiver for struggling borrowers
The first package targets borrowers with non-performing loans (NPLs) of less than a year. Interest on SME, car, and home loans will be waived for borrowers who commit to a 12-month repayment plan. In return, borrowers must adhere to strict repayment terms. The government and commercial banks will cover a portion of the interest costs to facilitate this relief measure.
Debt Relief Package 2: Small debt…
