Data Extraction

On 30 March 2020, the Ministry of Finance and Economy (MOFE) announced additional financial support measures amounting to an estimated total of BND250 million, effective April 1. This Economic Relief Package (i) extends the deferment on principal payments of financing or loan to all sectors, (ii) provides for the restructuring or deferment on principal repayment of personal loans and hire purchase such as car financing, for a period not exceeding 10 years, (iii) provides for the deferment on principal repayments of property financing, (iv) provides for the conversion of any outstanding credit card balances into term loans not exceeding 3 years for affected individuals in the private sector only (including the self-employed), and (v) waiver of all bank fees/charges related to these facilities (except third party charges). Coupled with the earlier fiscal assistance, these measures will increase the value of Brunei’s Economic Stimulus Package to a total of BND450 million (or 3.2% of GDP).

The fiscal measures include amongst others, the deferment of payments on Employees Trust Fund (TAP) and Supplementary Contributory Pension (SCP) contributions, discounts on corporate income taxes, rents and utilities.

All bank fees and charges (except third party charges) that are related to trade and payments of transactions in affected sectors mentioned in Measure 3 will be waived for a period of six months;

No amount/estimate: Effective April 1 for six months, an interim fiscal package has been deployed to support SMEs and self-employed groups in sectors such as tourism, hospitality, transport and restaurants.

(i) The government is actively responding to the risks of the pandemic from spreading further by implementing a range of measures, including strict inbound and outbound travel restrictions and banning all mass gatherings, including weddings and sporting events; (ii) MOH actively rolling out a contact tracing app (“BruHealth”) for residents to download before they are given the green light to visit public places.

The Ministry of Health (MOH) is also stepping up efforts to track close contacts of positive cases;