- Business, Industry

Banks, financial institutes ordered to defer principal and interest payments

The Bank of the Lao PDR has issued a decision ordering commercial banks and micro-financial institutes to postpone for three months – from May – deadlines for principal and interest payments for those who have borrowed loans for living expenses.

The decision, dated May 13, 2021, aims to mitigate the impacts of the Covid-19 variant on loan borrowers of commercial banks and financial institutes who are employees of businesses or organizations that have stopped their business activities, and freelancers who are unable to earn money due to the Covid-19.

The decision also orders leasing companies and pawnshops to delay payment deadlines for customers affected by the COVID-19 pandemic for a period of three months – from May to July 2021.

As of May 14, the cumulative number of people with Covid-19 had reached 1,570.

Vientiane is the hardest hit by Covid-19 (789 cases) followed by Bokeo 390, Champassak 251, Savannakhet 60, Vientiane (province) 19, Luang Prabang 16, Saravan 13, Oudomxay 9, Luang Namtha 7, Phongsaly 5, Xayaboury 3 and Borikhamxay 3.

Khammuan, Xekong and Xieng Khuang have one case each.

Source: Lao News Agency