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Sep 21, 2020

PM Orbán: Government will extend the moratorium on loan repayments for another six months

The prime minister said jobs and the living standards of families must be protected during the epidemic.

 

Prime Minister Viktor Orbán has announced that the government will extend the moratorium on loan repayments for another six months.

MTI states that the moratorium was introduced last spring to ease the economic fallout from the novel coronavirus crisis. The prime minister said jobs and the living standards of families must be protected during the epidemic.

Following a meeting of the Economic Operative Corps, the prime minister said the automatic opt-in moratorium will be extended for families raising children, pensioners, people without a job and those participating in public work schemes.

Businesses will have to apply for an extension and if they suffered a more than 25 percent revenue loss during the crisis, they will be granted the option, PM Orbán said. Furthermore, the government will impose a six-month termination ban on all retail and business loans taken out before the start of the coronavirus pandemic.

The repayment moratorium has so far helped 1.6 million families and 60,000 businesses, leaving HUF 2,000 billion (EUR 16.6bn) with debtors until December, PM Orbán said.