March 24 (SeeNews) - Montenegro's three-month moratorium on loan repayment will help businesses cope with the economic impact of the coronavirus crisis, the head of the European Bank for Reconstruction and Development (EBRD) in the country, Jaap Sprey, said on Tuesday.
"The news on the three-month loan moratorium is excellent. It will help companies go through this period," Sprey said in a video file posted on the website of Montenegrin public broadcaster RTCG.
If the coronavirus crisis continues longer than expected, smaller companies will have problems, but hopefully, it will soon be over, Sprey opined.
"Montenegro is in a good position, as the banking sector is liquid, solvent and solid," he said.
Last week, Montenegro's government imposed a three-month moratorium on the repayment of bank loans in an effort to mitigate the economic impact of the coronavirus crisis. The repayment of loans to banks, financial leasing companies and the Investment-Development Fund of Montenegro(IRF) will be postponed at the request of citizens and businesses.
Montenegro has so far confirmed 27 cases of the novel coronavirus disease (COVID-19), including one death. The country has closed its borders for foreign nationals to prevent the spread of the disease on its territory.