Credit Obligations in times of # Covid_19Ec
October 20, 2020

Author: Gerencia Legal

gerencialegal@fexlaw.com

What happens to the people who deferred credits in the months of April and May 2020 and who, due to the change of “traffic light” to yellow, are just resuming activities in the month of June and following?

It is clear that, if they did not manage to cancel debts in the months mentioned above, they will not be able to do so in the following months and will fall into “deficit”; therefore, the Monetary and Financial Policy and Regulation Board, chaired by the Minister of Finance, issued the resolution No.582-2020-F which came into effect on June 9, 2020, establishes an extraordinary deferral of credit obligations by 90 additional days so that they can generate income in the resumption of activities, but users must have knowing that this new deferral is not automatic nor is it mandatory, rather it operates only at the request of the party involved.‬‬

This resolution will ease the payment of credit operations for a reasonable time, but what would be the possible solutions that governments should choose so that citizens do not fall into a “default” against the consequences of post COVID-19?
One of the best solutions is the role that the entrepreneur will play in trying to ensure a recovery in the economy and to be able to generate employment; therefore, governments through their authorities should grant companies more freedom and flexibility to maintain their activity in these critical times.

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