Banks and MFIs Expand Exemptions for COVID-19 Affected Clients

The Association of Banks in Cambodia and the Cambodia Microfinance Association expand exemptions for their clients amid the COVID-19 threat.

The move was announced in a joint statement issued by the two associations on April 12, following an earlier request by Cambodian Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.

According to the statement, the members of the associations will allow two-month interest-free exemption for any client detected with COVID-19.

If agreed, it added, the loans of all clients undergoing quarantine will be automatically restructured, with a three-month delay of the principal payment.

The associations’ members also welcomed consultations with their clients on necessary cases resulting from the threat of the pandemic, and will not penalise any affected clients.

On behalf of their members, the two associations expressed their appreciation of Samdech Techo Prime Minister’s recognition of their contribution to those suffering from the disease.