Government prepares to extend bank moratoria for sectors ‘most affected by pandemic’

The government is preparing a solution to extend and ‘assure some of the deficiencies’ in bank moratoria for sectors most affected by the pandemic.

This is the message from economy minister Pedro Siza Vieira today who suggested the State will ‘step in as guarantor’ for business loans and credits that have not been met.

Speaking during what has been described as “a regimental hearing of the Commission for Economy, Innovation, Public Works and Habitation, Mr Siza Vieira said the solution should allow for credit repayment limits to be lengthened to give businesses more leeway.

The objective is for businesses not have to “concentrate their cash-flow immediately on repaying debts”, he said.

The most-affected sectors in the government’s sights are those of touristic accommodation, catering/ hospitality, retail and ‘some segments of the transformation industry’.

natasha.donn@algarveresident.com