Economic, Health, National

SPYL disgraced by commercial bank’s unpatriotic behaviour towards business.

Windhoek, May 4-The SWAPO Party Youth League have expresssed their disappointment towards the commercial banks for putting more pressure on business, especially small and medium enterprises, for financial gains during the COVID-19 pandemic crisis.

SPYL pointed out that commercial banks are demanding repayments of commercial loans from businesses, despite being aware of the fact that economic activities have greatly declined and some have completely ceased due to the unexpected pandemic.

commercial banks threatened businesses with legal actions if they don’t pay back the loans amidst the state of emergency period.

“We are dismayed at this action by the banks and disgraces by their lack of sense of humanity, soladarity and nationhood” stressed Gerson Lineekela Dumeni, SPYL secretary for information, Publicity and Mobilization.

SPYL calls on commercial banks to support businesses during the fight against COVID-19 by implementing friendly measures such as providing a mandatory interest free loans- payment-holidays to local businesses.

The youth league urges all commercial banks and financial institutions to prioritize the country’s well-being instead of capitalism.

It further urges the government to decisively and unequivocally intervene in the matter to protect local businesses from capitalist threats before it’s too late.

Urias Ngodji.