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The poor receives VBSP’s support after damage caused by COVID-19
(VBSP News) VBSP has proposed cutting the lending interest rate for poor households by 15 per cent from April 1 until the end of the year.
Proposal of reducing by 15% of lending interest rate for poor households
VBSP actively reported to VBSP's Board of Directors to submit to the Prime Minister the proposal of reducing interest rates for poor households and other vulnerable groups. If the plan is approved, from April 1, 2020 to the end of 2020, regarding the poor households and programs with interest rates equal to the poor households, the interests will be reduced by 15% and regarding disadvantaged groups in other programs, the interests will be decreased by 10%.
It is estimated a total of VND 16.2 trillion (US$685 million) will be borrowed and 3 million workers will benefit from the program.
In recent days, relevant ministries and VBSP have been completing the Government’s draft resolution about supporting residents in coping with COVID-19 pandemic.
VBSP also proposed employers can borrow money at the bank with no interest for a year to pay employees who must cease working for three months due to the pandemic.
Mr. Nguyen Duc Hai – VBSP’s Deputy General Director said most people borrowing money at the bank were poor and other vulnerable groups. He said the bank had implemented different supportive measures such as extending their debt payment, lending them more money for manufacture restoring and giving them guidance to make reports on their struggles.
More than 40,000 people have had their debt payment period extended, with more than VND 1.3 trillion ($55 million) impacted.
vietnamnews.vn
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