SME Development Finance Corporation (SDFC) has decided to extend the hold on incoming loan repayments (moratorium) to the end of the year.

Following the decision, the Minister of Economic Affairs, Fayyaz Ismail took to Twitter this morning thanked the SDFC for extending the moratorium on all loans till end of the year for all those who wish to do so.

“I hope bigger banks will follow suit in this unprecedented situation and bring heart to banking.” The Economic Minister’s Tweet said.

The Managing Director of SDFC, Ahmed Zinad told One online that they did a research as the moratorium on the loans expires at the end of September.

He said that they looked in to the major changes in lifestyle and finances due to COVID-19 and intends to make things as easy as possible in repaying the loans.

Zinad said that over 200 loans were set to resume payments as at the end of next month after the moratorium expires.

While the SDFC has extended their moratorium on all loans to the end of the year, the Housing Development Corporation (HDC) too has extended all moratorium on all of their fees by another two months.